- The new regulations include, Nigerian Upstream Fee and Rent Regulations, Petroleum Licensing Round Regulations, Domestic Gas Delivery Obligations Regulations, Nigeria Conversion Regulations, Nigeria Royalty Regulations and Nigeria Host Community (Commission) Regulations.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that Nigeria is planning to move six new regulations on the side-lines of the Petroleum Industry Act (PIA). The long awaited PIA passed last year has set fresh modalities for oil and gas royalty, award of oil blocks, fees and rentals amidst divestment by International Oil Companies (IOCs). The new regulations are necessary to address host community issues as well as energy transition and geo-political issues, which are lending new dimensions to the global economy.
The new regulations include, Nigerian Upstream Fee and Rent Regulations, Petroleum Licensing Round Regulations, Domestic Gas Delivery Obligations Regulations, Nigeria Conversion Regulations, Nigeria Royalty Regulations and Nigeria Host Community (Commission) Regulations.
The Minister of State for Petroleum Resources, Timipre Sylva, observed that the success or failure of the PIA is largely dependent on the regulations.
Chief Executive Officer of NUPRC, Gbenga Komolafe, noted that the current developments in Russia and Ukraine and the impact of energy transition, remained critical for Nigeria.
The implementation of the PIA enacted into law in 2021 has made it imperative for the Nigerian National Petroleum Company (NNPC) Ltd to become a fully limited liability company from July 1 this year. NNPC’s operations will be run like a private sector enterprise. The company will be listed on the Nigerian Stock Exchange.The company’s growth targets include boosting gas production capacity to eight billion cubic feet and to be the fifth global natural gas producer.
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