The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has signed seven new petroleum industry regulations into law.
The Commission Chief Executive of NUPRC, Engr. Gbenga Komolafe at the signing yesterday in Abuja said the development of these new sets of regulations followed strict adherence to the requirements of the Petroleum Industry Act (PIA) through drafting, stakeholders’ consultations and final gazetting.
Komolafe said five regulations were successfully gazetted into law between June and October 2022.
He said the seven new regulations were part of the 13 draft regulations that were presented for discussion during the 1st, 2nd and 3rd phase of NUPRC’s consultations with stakeholders between 2022 and 2023.
“Inputs of the stakeholders from the various engagements were incorporated, where necessary, in the draft regulations. The draft regulations were subsequently forwarded to the Honourable Attorney General of the Federation and Minister of Justice for vetting, legislative standardization, and approval.
It is with great pleasure that I now announce that seven (7) out of the thirteen (13) draft Regulations have been concluded and are now signed into law,” he said.
The Executive Secretary of the Nigerian Extractive Industries Transparency Initiative (NEITI), said: “NEITI would closely monitor all the new regulations, not to make inputs, but to work with NUPRC to fashion out very implementable action plans that will yield the shortest possible result in the shortest possible time.”