Tag: Commission

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FUELING CHANGE: REFLECTING ON TWO YEARS OF PETROLEUM INDUSTRY ACT

by Dr. Adeoye Adefulu & Lateef Bamidele

It’s hard to believe that August 16, 2021, is now two years behind us, signifying the momentous occasion when the Petroleum Industry Act 2021 (“Act” or “PIA”) was enacted into law. Over the past two years, the industry has been navigating and adjusting to the new legislative landscape. While opinions on the progress achieved during this period may differ within the industry, one undeniable fact is the array of significant activities that have unfolded, leaving an indelible mark on the industry’s current trajectory.

In commemorating the first anniversary of the Act, we examined the spectrum of implementation activities that transpired within the initial twelve months following the Act’s enactment. Likewise, we published a newsletter titled Petroleum Industry Act; Implementation Developments and Regulatory Compliance Issues ahead of the eighteen months anniversary. That paper further scrutinized these implementation activities while underscoring the pertinent compliance concerns for the industry. For this edition of our newsletter, we will focus on fresh developments witnessed in the last six months.

As we observe the second anniversary of the Act, our attention now shifts to the novel activities spearheaded by the two industry regulators, the Nigerian Upstream Petroleum Regulatory Commission (“Commission”) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (“Authority”). These activities shed light on the evolving landscape of the petroleum industry in Nigeria.

Continue reading “FUELING CHANGE: REFLECTING ON TWO YEARS OF PETROLEUM INDUSTRY ACT“
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PETROLEUM INDUSTRY ACT; IMPLEMENTATION DEVELOPMENTS AND REGULATORY COMPLIANCE ISSUES!

by Oludamola Awobokun & Lateef Bamidele

We are well into the second year of implementation of the Petroleum Industry Act 2021 (“Act”), and regulatory activities within the walls of the two regulators – the Nigerian Upstream Petroleum Regulatory Commission (“Commission”) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (“Authority”) (jointly referred to as the “Regulators”) have accelerated.

In our newsletter titled Implementing the Petroleum Industry Act 2021: One Year After, we considered some of the implementation activities that were undertaken within a year of the passage of the Act. In another newsletter, titled Critical Deadlines in the Petroleum Industry Act 2021, we examined some of the possible factors that may impact compliance with the relevant timelines for certain regulatory activities under the Act. As we approach another critical milestone in the implementation of the Act, this newsletter seeks to provide new implementation updates as well as key timelines that the industry must be aware of.

Continue reading “PETROLEUM INDUSTRY ACT; IMPLEMENTATION DEVELOPMENTS AND REGULATORY COMPLIANCE ISSUES!”
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House of Reps Public Hearing – A Few Takeaways

It has been just over a week since the Public Hearing at the House of Representatives. Enough time to have mulled over some of the issues raised by investors, the Federal Government & the public on the Petroleum Industry Administration Bill, the Petroleum Industry Fiscal Bill & the Petroleum Host & Impacted Communities Bill. Here are 5 takeaways from the hearings. Continue reading “House of Reps Public Hearing – A Few Takeaways”