The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will in the next few weeks gazette and publish additional four regulations on its website.
General Counsel and Legal Adviser, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Dr. Joseph Tolorunse, made this known at the meeting with the General Counsel and Legal Advisers’ Forum of midstream operators in Abuja.
He said,
“It is also our pleasure to announce that in the coming week, the Authority will gazette four more regulations for the midstream and downstream sector and the same will be published on its website”.
He described the forum as the first of many engagements that the Authority will host with general counsels and legal advisers to engender and enhance the collaboration between the Authority as the regulator and the legal practitioners of the oil and gas industry.
He urged the stakeholders to be confident that the Authority is enthused to receive their feedback and contributions.
He noted that he looked forward to conversations and discussions to enable the Authority to create and enhance value for both industry players and Nigerians alike.
Tolorunse said this is one of many of such parleys organised by the NMDPRA to enlighten our stakeholders to enable the smooth implementation of the Petroleum Industry Act.
Meanwhile, the Chief Executive Officer, Mr. Farouk Ahmed said the Petroleum Industry Authority (PIA) is designed among other key objectives to create two distinct but complementary regulatory entities, and promote gas utilisation through deepening of midstream operations.
According to him, it will also unbundle the composite licensing regimes to encourage more participation across the upstream, midstream and downstream value chain.
He added,
“it is to attract local and foreign investment and sustainably grow our industry for our host communities and Nigerians”.
Ahmed noted that is, therefore, imperative that as co-implementers of this Act NMDPRA does not lose sight of the key objectives and deliverables of the PIA which took over 20 years to develop.
Executive Director, Mr. Ogbugo Ukoha, who represented him, said the essence of this engagement is to deliberate on the legal framework for the oil and gas industry as intended by the PIA 2021, present clarity and insights to the sections of the law with diverse/different interpretations.
He said the forum was aimed at clarifying the sections of the law with diverse/different interpretations.
He added that it is also to discuss value chain propositions in a deregulated market and propose a way forward for a seamless operationalisation of the objectives of the PIA.
Continuing, the CEO noted that stakeholders and potential investors require regulatory
clarity to drive investment decisions and guide operations to ensure compliance with legal provisions and prevent reputational damage.
The NMDPRA boss said providing regulatory clarity is also beneficial to the regulators as it will allow both entities to focus on their mandate as intended by the law for the benefits of the industry and Nigerians.
