FG INTRODUCES NEW DRAFT REGULATIONS FOR UPSTREAM OIL OPERATIONS

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In enhancing operational efficiency in Nigeria’s oil and gas sector, the Federal Government has released seven additional draft regulations. These regulations, presented through the Nigerian Upstream Petroleum Regulatory Commission(NUPRC), were discussed with stakeholders in Abuja during the fourth phase of consultation.

Gbenga Komolafe, the Chief Executive Officer of NUPRC, emphasised that these consultations align with the requirements of section 216 (1) of the Petroleum Industry Act (PIA) 2021. The PIA aims to create a conducive business environment for petroleum operations.

Komolafe stressed the importance of establishing a framework for economic regulation in upstream oil and gas ventures. He highlighted NUPRC’s commitment to developing and gazetting regulations and key policies prompted by the PIA, allowing industry operators to swiftly align with its provisions.

Between June 2022 and July 2023, NUPRC successfully produced and gazetted 12 regulations. Additionally, five draft regulations discussed in previous stakeholder consultations have been finalised, and are awaiting gazetting after vetting by the Attorney-General of the Federation and Minister of Justice.

These new draft regulations encompass various aspects: including the evaluation and approval of field development plans, regulatory administration of petroleum development contracts, joint development agreements, and more.

The unveiling of these draft regulations marks a significant step towards enhancing regulatory efficiency and fostering a conducive environment for petroleum operations in Nigeria’s upstream sector.

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