For efficient operations of the oil and gas industry, the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says its drafting six regulations on midstream and downstream operations to bring clarity, improve business processes and ease of doing business in the sector.
The Authority Chief Executive (ACE), NMDPRA, Farouk Ahmed, made this known in a meeting with members of the Independent Petroleum Producers Group (IPPG) in Abuja.
Ahmed said the regulations are as follows: gas pricing, environmental management plan, environmental remediation fund, decommissioning and abandonment, gas infrastructure fund and natural gas pipeline tariff.
The ACE also informed the Group that a working team, chaired by Mr Ogbugo Ukoha, Executive Director, Distribution Systems, Storage & Retailing Infrastructure (DSSRI) was set up to review the draft regulations, engage and consult stakeholders for smooth implementation when released.
Ahmed explained that “one of our key concerns is boosting local refining. Dangote and BUA refineries are coming on board; however, we want to see more companies investing in refineries so we can stop the importation of refined petroleum products, save our foreign earnings, create jobs and add value to the economy’’.
The NMDPRA boss noted and commended the gradual growth of indigenous players in local exploration and production of petroleum products.
Earlier, the IPPG Chairman, Mr Abdulrazaq Isa, said the IPPG was an association of 25 indigenous Exploration and Production (E&P) companies with the vision to promote the continued development of the Nigerian petroleum industry for the benefit of industry stakeholders and the nation.
Isa noted that timely communication with industry players was important at this time that the Authority is going through a transition period.
