…Nigeria Upstream Petroleum Host Community Development Trust regulation gazetted
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is in the process finalising seven draft regulations that would impact positively on the upstream oil and gas industry, according to its Chief Executive, Engr. Gbenga Komolafe.
Opening a three-day industry stakeholder engagement in Abuja on Monday, Komolafe also announced that the Nigeria Upstream Petroleum Host Community Development Trust regulation has been gazetted, while the remaining five others were been finalised to be ready for gazetting.
The others are the Royalty Regulations; Domestic Gas Delivery Obligation Regulations; Nigeria Conversion and Renewal (Licence and Lease) Regulations; Petroleum Licensing Round Regulations; and Upstream Petroleum Fees and Rents Regulations.
He recalled that the six draft regulations were presented for discussion last April during the first phase of the consultations with stakeholders.
“The inputs of the stakeholders from the engagement were incorporated, where necessary, in the draft regulations. Thereafter, the regulations were forwarded to the Honourable Attorney General of the Federation and Minister of Justice for vetting, legislative standardisation, and approval”.
Komolafe said that the new guidelines to be considered at the ongoing second consultative session include the Acreage Management (Drilling and Production) Regulations; Upstream Petroleum Environmental Regulations; Upstream Petroleum Environmental Remediation Fund Regulations; and Upstream Petroleum Safety Regulations.
Others are the Unitisation Regulations; Upstream Petroleum Decommissioning and Abandonment Regulations; and Frontier Exploration Fund Regulations.
The NUPRC helmsman said that, despite the rigorous and strenuous process of formulating the regulations, the guidelines would not be passed on to the appropriate authorities without the input of stakeholders.
Komolafe said: “They (the draft regulations) are products of critical thinking and evaluation, and hard work by the commission’s regulation development team and the Presidential Implementation Committee on Petroleum Industry Act (PIA). Despite this however, the process is not complete until the stakeholders’ critical inputs are obtained, discussed, and incorporated, where necessary, in the regulations.
“To this end, I am of the firm view that with the level of turnout today, we will have healthy, robust, and intellectual discussion on the regulations during the syndicate sessions to come out with robust regulations with best international best standard”.
He assured that the current phase of the commission’s regulations development is not a final or exhaustive one in its drive to support the upstream industry operators.
“The Commission will continue to embark on programmes and policies that will create enabling environment for growth and more investments in the Nigerian upstream oil and gas sector. Therefore, we look forward to more engagements with key stakeholders like your good selves”, he said.
Komolafe explained the commission’s commitment to create an enabling environment for growth and investments in the upstream oil and gas industry in Nigeria has steered its focus towards working with all stakeholders.
“This can be seen in our efforts to ensure that regulations and key policies necessitated by the PIA are developed and gazetted timely so that the industry operators can align their operations with the PIA provisions as quickly as possible”, he added.
