New PIB Proposes Single Regulator For Midstream, Downstream Oil Sector
The Federal Government plans to set up Nigerian Midstream and Downstream Petroleum Regulatory Authority to regulate operators in midstream and downstream oil industry, under the new Petroleum Industry Bill (PIB).
The News Agency of Nigeria (NAN) reports that the new PIB is currently before the National Assembly for consideration.
NAN reports that the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Petroleum Equalisation Fund (PEF) are currently the regulators of the downstream oil and gas sector.
The Department of Petroleum Resources (DPR) also regulate the activities in the upstream and the downstream sector.
The Minister of State for Petroleum Resources, Chief Timipre Sylva had on Sept.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 copy of the new bill obtained by NAN, the Authority will have the power to acquire, hold and dispose of property, sue and be sued on its own name.
“The Authority shall be responsible for the technical and commercial regulation of the midstream and the downstream petroleum operations in the petroleum industry,” it said.
It said that the Authority would focus on regulating the midstream and downstream technical, operational and commercial activities.
The bill indicted that the agency would also ensure safe, effective and sustainable infrastructure development in the midstream and downstream petroleum operations.
“It will also promote health safe, efficient and effective conduct of midstream and downstream petroleum operation in an environmentally acceptable and suitable manner.
“Also, it will promote a competitive market for the midstream and downstream petroleum operations and promote the supply and distribution of natural gas and petroleum products in the midstream and downstream,” it said.
SOURCE: independent.ng
