• Fri. Sep 29th, 2023

NMDPRA set to roll out six midstream, downstream industry regulations

ByBassey Udo

May 23, 2022

By Bassey Udo

To ensure clarity and improvement in its business processes as well as promote the ease of doing business in the sector, the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says its set to roll out six regulations on its midstream and downstream operations.

The Authority Chief Executive (ACE), NMDPRA, Farouk Ahmed told members of the Independent Petroleum Producers Group (IPPG) during a meeting in Abuja l the regulations include those on Gas Pricing, Environmental Management Plan, Environmental Remediation Fund, Decommissioning and Abandonment, Gas Infrastructure Fund and Natural Gas Pipeline Tariff.

Also, Ahmed informed the Group that a Working Team chaired by the Executive Director, Distribution Systems, Storage & Retailing Infrastructure (DSSRI), Ogbugo K. Ukoha, was constituted to review the draft regulations, engage and consult stakeholders for smooth implementation when released.

The ACE said one of NMDPRA key concerns was on boosting local refining, with Dangote and BUA refineries coming on stream.

He said, however, that the regulatory authority wants to see more companies investing in refineries so that Nigeria would stop the importation of refined petroleum products, save the country’s foreign exchange earnings, create jobs and add value to the country’s economy.

The NMDPRA boss commended the gradual growth in capacity of indigenous players in local exploration and production of petroleum products in the country.

Earlier, the IPPG Chairman, Abdulrazaq Isa, said the Group 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 was going through a transition period.

IPPG called on the NMDPRA to, as a matter of urgency, enact regulations on tariffs, domestic gas and clear license issuance modalities, amongst others.

The NMDPRA chief pledged the Authority’s commitment in making the business climate in the midstream and downstream industry conducive for local and foreign investment to thrive.

Leave a Reply

Your email address will not be published. Required fields are marked *

Social Media Auto Publish Powered By : XYZScripts.com