The amended section of this Act is to ensure alignment with relevant provisions of the Petroleum Industry Act (PIA) 2021, which was signed into law on 16 August 2021. a. Interpretation Section 2 of the PPTA is amended to include the definition of "Commission" as "Nigerian Upstream Petroleum...
Numerous oil and gas majors have exited the Nigerian market over the past few years despite Africa’s largest economy opening its doors for wider exploration courtesy of the Petroleum Industry Act (PIA) 2021. Nigeria’s crude production averaged 1.35 million barrels per day in August, below ...
Upon his re-election in 2019, President Buhari set out an ambitious plan to pass the Petroleum Industry Bill (PIB) by the end of 2020. He did not achieve that. However, progress was made: the PIB passed its second reading in both the Senate and the House of Representatives in Nigeria ...
President Muhammadu Buhari Tuesday officially unveiled the new Nigerian National Petroleum Company Limited, NNPC Limited, as a fully independent, commercial and profit oriented energy company. The unveiling, which was in line with the provisions of the Petroleum Industry Act, PIA 2021, made the new...
He said: ‘’It is envisaged that with the Petroleum Industry Act 2021 in full implementation across the broad spectrum of the oil and gas industry, Nigeria is well positioned for a reformed oil and gas industry that could sustain the local demand for natural gas and a high export income.”...
It constitutes NNPC’s inaugural notable transaction after enactment of Nigeria’s Petroleum Industry Act [2021], a transformative law setting out a framework for exploitation of natural resources and encouraging a more commercial approach to the industry. Templars used a team headed by managing ...
Petroleum Industry Act (PIA). The PIA was enacted in August 2021 after over a decade of political wrangling and an estimated $50bn in lost investment. The Act restructured the governance and administration of the oil industry, implemented a more progressive fiscal structure that prioritises ...
Under the Petroleum Industry Act, which was passed last year after nearly two decades in the making, a holder of a petroleum exploration license cannot “transfer his license or any right, power or interest without prior written consent of the commission.” ...
Also, Dr Louis Brown Ogbeifun of AfriTAL in his contribution said: “Let not our heart be troubled. The reason is that we may be in this for a long time. Petroleum Industry Act (PIA), for those who followed it know it took us about 20 years to advocate for it, especially the las...
TO date, one of Nigerian President Muhammadu Buhari's biggest accomplishments has been the adoption of the Petroleum Industry Act (PIA), a new law governing the oil and gas sector. In contrast to the failed and drawn-out efforts of its predecessors, Buhari's administration managed to submit ...