The Federal Government of Nigeria has taken steps towards the implementation of the Petroleum Industry Act (PIA) by gazetting five regulations, with seven more currently in the process of being gazetted. These regulations cover various aspects of the petroleum industry.
The gazetted regulations include the Conversion and Renewal (Licences and Lease) Regulation 2022, Domestic Gas Delivery Obligation Regulation 2022, Petroleum Royalty Regulation 2022, Petroleum Licensing Round Regulation 2022, and Nigeria Upstream Host Communities Development Regulation 2022.
In addition to the gazetted regulations, there are seven more regulations that have been signed and are undergoing the gazetting process. These include the Nigeria Upstream Petroleum Measurement Regulations 2023, Production Curtailment and Domestic Crude Oil Supply Obligation Regulations 2023, Frontier Basin Exploration Fund Administration Regulations 2023, Nigeria Upstream Decommissioning and Abandonment Regulations 2023, Significant Crude Oil and Gas Discovery Regulations 2023, Gas flaring, Venting and Methane Emission (Prevention of Waste and pollution) Regulations 2023, and Nigeria Upstream Petroleum Unitization Regulations 2023.
Furthermore, there are several regulations currently under review by the Federal Ministry of Justice. These regulations include the Upstream Environmental Remediation Fund Regulation 2023, Upstream Environmental Management Regulation 2023, Upstream Petroleum Safety Regulation 2023, Upstream Petroleum Fees and Rent Regulations 2023, Acreage Management Drilling and Production Regulation 2023, and Advance Cargo Declaration Regulation 2023.
Other regulations that have been drafted and are awaiting stakeholders’ engagement include the Nigerian Upstream Petroleum Assignment of Interest Regulation 2023, Nigerian Upstream Petroleum Compliance and Governance Regime Administration Regulation 2023, Nigerian Upstream Petroleum Commercial Operations Regulations 2023, Nigerian Upstream Petroleum Revocation of Licenses and Leases Regulation 2023, and Nigerian Upstream Petroleum Development Contract Administration Regulation 2023. These regulations are expected to undergo further consultations before being finalized.
The gazetting of these regulations is an important step towards the full implementation of the Petroleum Industry Act, which aims to reform and restructure Nigeria’s petroleum industry for greater efficiency and transparency.
