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 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 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, present clarity and insights to the sections of the law with diverse/different interpretations.
“For example, Sections 7ee and 8d, discuss value chain propositions in a deregulated market and propose a way forward for a seamless operationalization of the objectives of the PIA. “We are aware that stakeholders and potential investors require regulatory clarity to drive investment decisions and guide operations to ensure compliance with legal provisions and prevent reputational damage,” the Chief Executive, NMDPRA, Farouk Ahmed, stated.
