Nigeria Scraps Three Petroleum Agencies amidst PIA Implementation

0
123
Imo Security/Economy: Buhari Summons Uzodinma, Power Minister, Economic Adviser
President Muhammadu Buhari

Nigeria Scraps Three Petroleum Agencies amidst PIA Implementation

 

Federal Government of Nigeria, FG, has scrapped its Department of Petroleum Resources, Petroleum Equalization Fund and the Petroleum Product Pricing Regulatory Agency amid the implementation of the new Petroleum Industry Act.

The PIA was signed into law in August with the aim of overhauling the country’s oil-and-gas industry.

The functions of the three defunct agencies are being taken over by the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Authority.

The former will be responsible for oversight of upstream petroleum operations and implementing regulatory policies pertaining to those, while the latter will regulate midstream and downstream operations.

Under the PIA, the former Nigerian National Petroleum Corporation., which had run as a state enterprise since 1977, has been incorporated as a company with a board and is now called NNPC Limited.

 

Federal Government of Nigeria, FG, has scrapped its Department of Petroleum Resources, Petroleum Equalization Fund and the Petroleum Product Pricing Regulatory Agency amid the implementation of the new Petroleum Industry Act.

The PIA was signed into law in August with the aim of overhauling the country’s oil-and-gas industry.

The functions of the three defunct agencies are being taken over by the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Authority.

The former will be responsible for oversight of upstream petroleum operations and implementing regulatory policies pertaining to those, while the latter will regulate

midstream and downstream operations.

Under the PIA, the former Nigerian National Petroleum Corporation., which had run as a state enterprise since 1977, has been incorporated as a company with a board and is now called NNPC Limited

 

Nigeria Scraps Three Petroleum Agencies amidst PIA Implementation