24.1 C
Abuja

Petroleum Regulatory Authority finalises regulations to improve ease of business

Advertisement

Related

Advertisement
Advertisement

THE Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed it is drafting six regulations on midstream and downstream operations to bring clarity, improve business processes and ease business activities in the sector.

The regulations being drafted are Gas Pricing, Environmental Management Plan, Environmental Remediation Fund, Decommissioning and Abandonment, Gas Infrastructure Fund and Natural Gas Pipeline Tariff.

The NMDPRA’s Chief Executive, Farouk Ahmed, made these known in a meeting on Monday in Abuja with members of the Independent Petroleum Producers Group (IPPG).

Ahmed informed the Group that a Working Team chaired by Ogbugo K. Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure (DSSRI) was set up to review the draft regulations, and engage and consult stakeholders for smooth implementation when released.

He further stated, “One of our key concerns is boosting local refining. Dangote and BUA refineries are coming on board. However, we want to see more companies investing in refineries so we can stop the importation of refined petroleum products, save our foreign earnings, create jobs and add value to the economy’’.

The NMDPRA boss noted the gradual growth of indigenous players in local exploration and production of petroleum products.

The IPPG is an association of 25 indigenous exploration and production (E&P) companies with the vision to promote the continued development of the Nigerian petroleum industry for the benefit of industry stakeholders and the nation.

- Advertisement -

Its chairman, Abdulrasaq Isa, stressed at the meeting that timely communication with industry players was important at this time that the Authority was going through a transition period.

IPPG called on the NMDPRA to, as a matter of urgency, enact regulations on tariffs, domestic gas and clear licence issuance modalities, among others.

In response, Ahmed pledged the Authority’s commitment to making the business climate in the midstream and downstream conducive for local and foreign investments to thrive.

 

Support the ICIR

We invite you to support us to continue the work we do.

Your support will strengthen journalism in Nigeria and help sustain our democracy.

[molongui_author_box]

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.

Advertisement

Recent

Privatisation council approves fast-tracking concession of Zungeru power plant

THE National Council on Privatisation has approved the fast-tracking of the work plan for...

Court jails Senator Nwaoboshi for seven years over money laundering

THE Lagos Division of the Court of Appeal has sentenced a serving Senator, Peter...

Nigeria-UK Migration Agreement: Smugglers, illegal migrants to face maximum sentence, deportation

THE United Kingdom government has signed a new migration agreement with Nigeria that will...

Buhari condemns Shiroro attack, asks Nigerians to pray for safe return of abducted victims

PRESIDENT Muhammadu Buhari has condemned Thursday's terrorist attack in Shiroro Local Government Area of...

Court orders NIMC, NIS to release kidney donor’s biodata to Ekweremadu

A FEDERAL High Court in Abuja has ordered the National Identity Management Commission (NIMC)...
Advertisement

Most Read

Advertisement

Subscribe to our newsletter

Advertisement