NUPRC Declares Six More Regulations for the Petroleum Sector

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has declared six more regulations for the petroleum sector have been finalised and are available for gazetting, while five have already been.
At the third phase of its consultation with stakeholders on the development of draught regulations required by Section 216 of the Petroleum Industry Act, Gbenga Komolafe, Commission Chief Executive, NUPRC, made this announcement on Monday in Abuja (PIA).
The Nigeria Upstream Petroleum Host Community Development Trust Regulations, Royalty Regulations, Domestic Gas Delivery Obligation Regulations, Nigeria Conversion and Renewal “License and Lease” Regulations, and Petroleum Licensing Round Regulations were among the regulations Komolafe listed as having been gazetted.
The CCE, represented by Executive Commissioner NUPRC Habib Nuhu, recalled that during its first and second phases of discussions with stakeholders in 2022, thirteen draught regulations were made available for consideration.
He claimed that, when appropriate, the draught regulations incorporated the stakeholder input from the engagement.

“Thereafter, the regulations were forwarded to the Honourable Attorney General of the Federation and Minister of Justice for vetting, legislative standardisation, and approval.
“I am happy to inform you that five of the regulations have been gazetted while the remaining six have been finalised and ready for gazetting,” he said.
He claimed that before finalising additional draught regulations, the commission held yet another stakeholder consultation in furtherance of the aforementioned and in accordance with Section 216(4)(g) of the PIA 2021.
The Upstream Petroleum Measurement Regulations, Advance Cargo Declaration Regulations, Significant Discovery Regulations, Gas Flaring, Venting and Methane Emissions (Prevention of Waste and Pollutions) Regulations, and Domestic Crude Oil Supply Obligation Regulations were the ones he named.
The CCE emphasised once more how difficult and laborious it was to create the aforementioned regulations.
The CCE reiterated that the process of formulating the above regulations has been a rigorous and strenuous exercise.

He claimed that it would make sure that crucial rules and regulations required by the PIA were created in a timely manner and gazetted, allowing business owners to immediately align their activities with the PIA’s provisions.
In his explanation of the laws, Kelechi Ofoegbu, Executive Commissioner, Economic Regulation and Strategy Planning, NUPRC, said that the measuring regulations would enable the regulator to precisely determine how much was generated by various upstream oil firms.
According to him, understanding the rules became vital as Nigerian producers sought to understand how much they produced and how much they consumed upstream, in the middle, and downstream.
The engagement had in attendance the Oil Producers Trade Section, Independent Petroleum Producers Association, IOCs, Indigenous Operators among others.

Source: Allnews Nigeria

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