The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a directive calling on oil companies to adhere to a set of new regulations aimed at ensuring compliance with the recently enacted Petroleum Industry Act (PIA).
The regulatory authority, in a stakeholders’ forum held in Abuja, announced its readiness to unveil seven new regulations that address critical aspects of the petroleum supply chain.
These regulations focus on market principles, prevention of competitive behavior, customer protection measures, and the resolution of complaints from customers within the Nigerian midstream and downstream petroleum industry.
Speaking at the forum, Ogbugo Ukoha, the Executive Director of Distribution Systems, Storage, and Retailing Infrastructure (DSSRI), emphasized the collaborative approach taken in drafting the regulations.
Ukoha highlighted the importance of stakeholder consultations, emphasizing that the regulations not only aim to provide operational details but also require voluntary compliance from operators.
The regulatory framework is expected to enhance competition and corporate governance in the sector, contributing to the overall improvement of the petroleum industry.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is set to release a comprehensive set of regulations designed to bring order and accountability to the country’s petroleum sector.
With 16 regulations already drafted and gazetted and an additional set of four regulations awaiting gazette, the NMDPRA is actively working to implement the provisions of the Petroleum Industry Act (PIA).
During a stakeholders’ forum in Abuja, Ogbugo Ukoha, the Executive Director of DSSRI, emphasized the significance of the regulations in addressing issues such as data repository, license suppression, and asset confiscation within the petroleum supply chain.
The Authority Secretary and Legal Adviser, Dr. Joseph Tolorunse, outlined the scope of the regulations, applying them to companies engaged in midstream and downstream petroleum operations in Nigeria.
The regulations establish a data repository and provide procedures for the submission, collection, and management of technical data.
The framework includes sanctions and penalties for non-compliance, reflecting the NMDPRA’s commitment to ensuring that operators within the sector adhere to the new regulatory standards.
