In accelerating the full implementation of key provisions of the 2021 Petroleum Industry Act, the Federal Government has developed 12 new regulations for the midstream and downstream operators.
The Chief Executive, Nigerian Midstream & Downstream Petroleum Regulatory Authority, Engr Farouk Ahmed, revealed this on Monday at the ongoing 16th Oil Trading & Logistics Expo holding in Lagos.
According to him, the regulations were currently being finalised and the process of their issuance and gazetting would commence soon.
“Other relevant regulations are also at different stages of development,” he added.
This year’s conference is themed ‘Regulating Downstream Energy Transition in Dynamic Times’.
Farouk said the Authority was also strengthening the domestic gas market for enhanced performance through emplacement of new regulatory regimes for wholesale gas supply, domestic gas market aggregation and open access, noting that it was reviewing pricing models for all petroleum products in the downstream supply chain.
“The Authority is addressing the issue of fuel quality through strategic collaboration with key stakeholders in the petroleum products value chain such as Netherland Human Environment and Transport Inspectorate (ILT), the NNPC Limited, Standards Organisation of Nigeria (SON) and the Nigeria Customs Service (NCS). “Of particular importance is our strategic engagements with our Netherlands and Belgian counterparts, considering that bulk of Nigeria’s petroleum products importation originates from the ARA region,” he said.
According to the NMDPRA Chief Executive, collaboration with the Nigerian Customs Services had led to the suspension of import licenses for land border importation of petroleum products in order to eliminate sharp practices and enhance quality control.
He further said that collaborations with the NNPC Limited, SON, NCS, ARDA, Nigerian Society of Chemical Engineers (NSChE) and other key stakeholders on improving the standards of fuel utilised in Nigeria would continue.
“We shall also continue sustaining deep collaboration with regional governments, regulatory entities, National Oil Companies and professional associations to improve fuel quality standards and implement the AFRI Clean Fuels roadmap,” he said.
He assured that the NMDPRA would continue to support investment growth and expansion of the midstream and downstream sectors by facilitating and co-investing through the Midstream and Downstream Gas Infrastructure Fund in viable infrastructure projects.
“The Nigerian Midstream and Downstream sector is at a transformational stage, where all investors are encouraged to seize the extensive opportunities that have been created by the on-going reforms brought by the PIA and other high impact initiatives that are being implemented,” he said.
