NUPRC unveils seven more gazetted upstream regulations, assures speedy completion of six others
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued seven new gazetted regulations aimed at providing a regulatory environment that assures efficiency, predictability, clarity, and effectiveness to the Nigerian oil and gas industry.
Commission Chief Executive, Engr. Gbenga Komolafe, signed and issued the new regulations recently at the Commission’s headquarters in a ceremony that was also witnessed by the Executive Secretary of the Nigerian Extractive Industry Transparency Initiative (NEITI), Dr Orji Ogonnaya Orji.
These newly gazetted regulations have thereby brought to twelve (12), the number of regulations that have been concluded and issued by the Commission in line with its mandate as prescribed by the Petroleum Industry Act (PIA), 2021.
The seven(7) new regulations are Nigeria Upstream Petroleum Measurement Regulations, 2023; Production Curtailment and Domestic Crude Oil Supply Obligation Regulations, 2023; Frontier Basins Exploration Fund Administration Regulations, 2023; and Nigeria Upstream Decommissioning and Abandonment Regulations.
The others are significant crude oil and gas discovery regulations, 2023; Gas Flaring, Venting and Methane Emission (Prevention of Waste and Pollution) Regulations, 2023; and the Nigeria Upstream Petroleum Unitization Regulations, 2023.
Confirmed that five regulations were successfully gazetted into law between June and October 2022, and they include; Petroleum Licensing Round Regulations 2022; Petroleum Royalty Regulations 2022; Domestic Gas Delivery Obligations Regulations 2022.
The others are Conversion and Renewal (Licences and Lease); and the Nigeria Upstream Petroleum Host Communities Development Regulations 2022.
Gathered that all the twelve regulations and the six others that are expected to be finalised soon would serve as the key regulatory tools to be deployed by the Commission in the discharge of its statutory functions under the PIA regime.
According to the NUPRC, all eighteen (18) regulations were initially identified as priorities.
Highlighting the functions of the seven new regulations within the industry, Komolafe said, the Nigeria Upstream Petroleum Measurement Regulations, 2023, will close the metering gap in upstream petroleum operations; encourage accelerated hydrocarbon measurement metering devices roll-out in upstream petroleum operations.
He added that it would also encourage the development of independent and competitive meters used in the upstream subsector, attracts private investment in the provision of metering services; and also provide for the regulation of the measurement of petroleum produced.
