The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is in charge of the policy change.
Timipre Sylva, Minister of State for Petroleum Resources gave an update at the NMDPRA stakeholders’ consultation forum on Monday, July 01, 2022, in Abuja.
The minister noted that 10 regulations had been shared with stakeholders for review and input.
The 10 Regulations
Transfer of License and Permit Regulations; Petroleum (Transportation and Shipment) Regulations and Assignment; Midstream and Downstream Petroleum (Operations) Regulations;
Petroleum Pipeline Regulations; Gas Pricing Domestic Demand and Delivery Regulations; Natural Gas Pipeline Tariff Regulations; Environmental Regulations for Midstream and Downstream Operations.
Midstream and Downstream Gas Infrastructure Fund Regulations; Environmental Remediation Funds Regulations; Midstream and Downstream Decommissioning and Abandonment Regulations.
What the Government is doing: Sylva confirmed the government was increasing engagement and interaction so as to issue regulations that would benefit all stakeholders.
The official said with the Petroleum Industry Act of 2021, the authority must technically and commercially regulate the mid and down-stream operations.
Benefit of the Regulations: Sylva added that the regulations would attract investments and create opportunities in the sector.
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