Minister of State or Petroleum Resources, Timipre Sylva, has said the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has begun the review of the midstream and downstream petroleum regulations to bequeath the industry with laws and policies to enable investment in the sector.
He disclosed this at the NMDPRA stakeholders’ consultation forum on regulations on Monday in Abuja.
Mr Sylva said the regulations had been shared with stakeholders for review and input.
The 10 regulations to be considered are: Petroleum (Transportation and Shipment) Regulations and Assignment and Transfer of Licence and Permit Regulations, Midstream and Downstream Petroleum(Operations) Regulations; Petroleum Pipeline Regulations; Gas Pricing Domestic Demand and Delivery Regulations; and Natural Gas Pipeline Tariff Regulations.
Others are Midstream and Downstream Decommissioning and Abandonment Regulations; Environmental Regulations for Midstream and Downstream Operations; Midstream and Downstream Gas Infrastructure Fund Regulations and Environmental Remediation Funds Regulations.
The minister said, “We are now at the point of engagement and interaction with a view to issuing regulations that would benefit all stakeholders.”
He said with the creation of the Petroleum Industry Act of 2021, the authority was saddled with the responsibility of technically and commercially regulating both the mid- and down-stream operations in the sector.
He said the review was in fulfillment of the provisions of Sections 33 and 216 of the PIA 2021.
In his address, the NMDPRA Chief Executive Officer, Farouk Ahmed, said this innovation, amongst others in the PIA, aligned with the vision and commitment of President Muhammadu Buhari and the minister of state.
He said, “Our priority will be to ensure these regulations are primary enablers of the Federal Government’s Decade of Gas initiative and will help catalyse investment and enhance the attractiveness of the domestic gas value chain.”
