Posted In: Oil & Gas

Published: Jul 29, 2021

REVIEW OF THE PETROLEUM INDUSTRY BILL 2021 – PART THREE

CHAPTER ONE – GOVERNANCE AND INSTITUTIONS (CONTINUED)

PART IV – The Nigerian Midstream and Downstream Petroleum Regulatory Authority

Establishment and Objectives

Section 29 (1) of the Petroleum Industry Bill 2021 establishes the Nigerian Midstream and Downstream Petroleum Regulatory Authority (the “Authority”) to oversee and regulate the technical and commercial aspects of both the midstream and downstream operations in the Nigerian oil and gas industry.[1] Much like the Commission established to oversee upstream operations, the establishment of the Authority is a step in the right direction for industry stakeholders who have advocated for a one stop shop regulatory agency which is able to regulate and give approvals for both technical and commercial aspects of projects executed along each of the industry value chain.

Scope of the Authority’s Functions

The Authority’s oversight functions cover amongst others, the making of regulations concerning every aspect of midstream and downstream petroleum operations, the grant, renewal, modification, cancellation, reissue and termination of licences, permits and authorisations for midstream and downstream petroleum operations[2] and compliance monitoring, development of midstream and downstream petroleum infrastructure, promoting a competitive market, the security of natural gas supply for the domestic gas market, ensuring implementation of environmental laws and policies as well as monitoring, regulating and enforcing health, environmental and safety measures in midstream and downstream operations and developing and enforcing tariff framework and pricing for natural gas and petroleum products...

 

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Aderemi is a Partner with Tope Adebayo LLP with almost two decades of experience in the legal profession. She is well versed in corporate and commerci