FG gazettes Nigerian upstream petroleum host community development trust regulations
Oredola Adeola
The Nigerian Upstream Petroleum Regulations Commission (NUPRC) has revealed that the Nigerian Upstream Petroleum Host Community Development Trust regulations have been gazetted in the Petroleum Industry Act (PIA) 2021, promising that other regulations and key policies are being developed and would be approved and gazetted after stakeholders’ engagement.
Engr. Gbenga Komolafe, Commission Chief Executive, NUPRC, who was represented by Capt. John Tomla, Executive Commissioner, Health, Safety, Environment and Community, NUPRC, said this on Monday in Abuja at the opening of the second phase of its consultation with stakeholders on regulations development as mandated by Section 216 of the PIA.
He said that six draft regulations were considered by the stakeholders in April 2022, during the first phase of consultations which included Domestic Gas Delivery Obligation Regulations; Nigeria Conversion and Renewal (Licence and Lease) Regulations; Petroleum Licensing Round Regulations, and Upstream Petroleum Fees and Rents Regulations are being considered for gazette.
According to him, one of the regulations, the Nigeria Upstream Petroleum Host Community Development Trust regulations, has been gazetted while the remaining five have been finalised and ready for gazette.
He said that stakeholders’ inputs from the engagement were incorporated where necessary, in the draft regulations which were forwarded to the Attorney General of the Federation and Minister of Justice for vetting, legislative standardisation, and approval.
Komolafe, however, noted that the second phase of the consultation was in furtherance of the initial regulations reviewed in April 2022.
According to him, this would enable the industry operators to align their stakeholder and regulatory operations with the provision of the PIA 2021.
EnergyDay had earlier reported that the NUPRC released seven draft regulations to be considered including Acreage Management (Drilling and Production) Regulations and Upstream Petroleum Environmental Regulations.
Others are Upstream Petroleum Environmental Remediation Fund Regulations; Upstream Petroleum Safety Regulations; Unitisation Regulations; Upstream Petroleum Decommissioning and Abandonment Regulations and Frontier Exploration Fund Regulations.
Komolafe said, “Our commitment to create an enabling environment for growth and investments in the Upstream Oil and Gas industry in Nigeria has steered our focus towards working with all stakeholders.
He further noted that the process of formulating the above regulations had been rigorous because they were products of critical evaluation and hard work by the commission’s regulation development team and the Presidential Implementation Committee on PIA.
