PIA Takes Effect In Upstream Oil Sector Regulation.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) began its week’s activities with a move by stakeholders to begin the implementation of the Petroleum Industry Act (PIA) in the nation’s oil and gas industry’s upstream sector.
Chief Timipre Sylva, Minister of State for Petroleum Resources, stated during a two-day upstream stakeholders’ event organized by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja that the process of ratifying the first set of regulations was underway.
Sylva stated that the rules will regulate the sector in accordance with Section 216 of the PIA and that the conference was held to allow stakeholders to offer feedback on important regulations developed by the NUPRC and the Presidential Steering Committee.
The Minister added that, while the PIA had addressed the uncertainty that had impeded investment in the sector, tough rules were still essential to maintain the business dynamic and relevance.
He urged stakeholders to embrace innovation in their operations in order to help the sector overcome the difficulties faced by the global energy transition.