NNPC Weekly: PIA takes effect in upstream oil sector regulation

The Nigerian National Petroleum Company Limited (NNPC Ltd.) started its activities for the week with a move by stakeholders to begin the implementation of the Petroleum Industry Act (PIA) in the upstream sector of the nation’s oil and gas industry.

Minister of State for Petroleum Resources, Chief Timipre Sylva said at a 2-day upstream stakeholders’ forum organised by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja that the process of ratifying the first set of regulations was on.

Sylva said the regulations would govern the sector in line with Section 216 of the PIA and that the forum was convened to enable stakeholders provide inputs to fine-tune key regulations as prepared by the NUPRC and the Presidential Steering Committee.

The Minister stated that though the PIA had removed the uncertainties that hampered investments in the sector, strong regulations were required to keep the industry vibrant and relevant.

He called on the stakeholders to embrace innovation in their operations to enable the industry survive the challenges imposed by the global energy transition.