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Govt to release regulations on midstream, downstream petroleum production

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The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it is drafting six regulations on midstream and downstream operations to bring clarity, improve business processes and ease of doing business in the sector.

NMDPRA disclosed this in a statement on Sunday following a meeting with members of the Independent Petroleum Producers Group (IPPG) in Abuja.

Farouk Ahmed, Chief Executive (ACE), NMDPRA in the statement revealed that the regulations are as follows: Gas Pricing, Environmental Management Plan, Environmental Remediation Fund, Decommissioning and Abandonment, Gas Infrastructure Fund and Natural Gas Pipeline Tariff.

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

Read also :Nigeria to increase petroleum exploration reserve to 40 million barrels by 2030 -Ogbonnaya Onu

Ahmed further stated that “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 also noted and commended the gradual growth of indigenous players in local exploration and production of petroleum products.

Earlier, the IPPG Chairman, Mr Abdulrazaq Isa said the IPPG was 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.

Isa noted that timely communication with industry players was important at this time that the NMDPRA was going through a transition period.

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

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