The Federal Government plans to set up Nigerian Midstream and Downstream Petroleum Regulatory Authority to regulate operators in the midstream and downstream oil industry, under the new Petroleum Industry Bill (PIB).
The new PIB is currently before the National Assembly for consideration. The downstream oil and gas sector are currently regulated by the Petroleum Products Pricing Regulatory Agency (PPPRA) and Petroleum Equalisation Fund (PEF), while the Department of Petroleum Resources (DPR) also regulates the activities in the upstream and the downstream sector.
Minister of State for Petroleum Resources, Chief Timipre Sylva, had on September 3, announced that PEF and PPPRA would be merged to form a new regulatory body called the “Authority”.
This, he said, would help to harmonise activities in the downstream for efficiency in service delivery to Nigerians.
According to the new bill the Authority will have the power to acquire, hold and dispose of…
Source: Vanguard Newspaper