The Federal Government, on Wednesday, engaged the General Counsel and Legal Advisers’ Forum of the Mid and Downstream Operators in the oil sector on the seamless implementation of fuel subsidy removal and other aspects of the Petroleum Industry Act 2021.
Officials of the Nigeria Midstream and Downstream Petroleum Regulatory Authority, NMDPRA met with the legal counsels of the oil and gas industry in Abuja, where participants discussed measures required for the smooth implementation of the PIA in a deregulated market, among others.
The Chief Executive of the NMDPRA, Farouk Ahmed, stated that the essence of this engagement is to deliberate on the current legal framework for the Nigerian oil and gas industry as intended by the PIA 2021, presenting clarity and insights to the sections of the law with diverse interpretations.
He said regulatory clarity was also beneficial to the regulators as it would allow both entities to focus on their mandates as intended by law for the benefit of the industry and Nigerians.
Ahmed further explained that the PIA was designed to restructure the industry by creating a demarcation between the upstream, midstream and downstream value chains for growth and efficiency.
Earlier, the agency’s Secretary and Legal Adviser, Joseph Tolurunse, announced that the NMDPRA would gazette four more regulations for the midstream and downstream sector and the same would be published on its website.
