July 24, (THEWILL) – The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Sunday said it has introduced four additional regulations that will govern the activities of the midstream and downstream sectors of the Nigerian petroleum industry.
The agency in a statement by the general manager, corporate communications and stakeholders’ management, Kimchi Apollo, said the regulations are in line with the Petroleum Industry Act, 2021 (PIA)..
The NMDPRA had in March unveiled six regulations that will govern the activities of the midstream and downstream sectors of the Nigerian petroleum industry.
The six regulations address issues such as petroleum transportation and shipment, assignment or transfer of licenses and permits, gas pricing for domestic demand and delivery, natural gas pipeline tariffs, petroleum measurement and midstream and downstream petroleum operations.
In its statement on Sunday, the agency said the four new additional regulations aim to address environmental and safety concerns in the midstream and downstream petroleum sector.
The new regulations introduced include the Midstream and Downstream Petroleum Environmental Regulation 2023, designed to ensure that environmental standards and practices are upheld across midstream and downstream petroleum operations.
Others are the Midstream and Downstream Petroleum Safety Regulation 2023, which prioritises safety measures and procedures; Midstream and Downstream Decommissioning and Abandonment Regulation 2023, which outlines the requirements and procedures for the decommissioning and abandonment of petroleum facilities; and the Midstream and Downstream Environmental Remediation Fund Regulation 2023, which sets out the establishment and financial contribution of the Fund for operations.
It added that the fund aims to provide resources for the cleanup, rehabilitation or management of negative environmental impact from petroleum operations nationwide.
The agency urged market operators to adhere strictly to the regulations.
According to it, the regulations will enhance value, create an enabling environment and deepen activities in the midstream and downstream sectors for the benefit of Nigerians.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
