ABUJA– The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, on Wednesday, revealed 6 brand-new policies for the oil and gas market. Idare Ogan, the Chairman of the NMDPRA Board, while speaking throughout the unveiling of the policies in Abuja, stated the fresh guidelines will support sustainable development for the mid and down streams sector, including that they have actually supplied clearness for both the operators and regulators in the market. Ogan discussed that the policies which stem from the Petroleum Industry Act 2021 would “promote development in the market and aid in minimizing our economy by providing it the much required bite in regards to success and advancement”. The guidelines are the Midstream and Downstream Petroleum Operations Regulations; Natural Gas Pipeline Tariffs Regulations; Gas Pricing and Domestic Demand Regulations; Assignment or Transfer of Licence and Permit Regulations; Petroleum (Transportation and Shipment) Regulations; and Petroleum Measurement Regulations. Speaking at the Authority Chief Executive, Engr. Farouk Ahmed kept in mind that the policies have actually been created to allow companies through regulative clearness, certainty, fairness, openness, and finest market practice. He included: “In addition to the guidelines being released, 14 other policies have actually been established and will be released quickly”. Speaking on the guidelines, NMDPRA Secretary/Legal Adviser, Dr. Joseph Tolorunse stated the Petroleum Measurement Regulations would standardize measurement system throughout the market and assist the nation curb oil theft and losses. “Meters should now be set up in all the measurement points throughout the sector which we have actually not had prior to. Now, there’s no other way an operator now can in fact run without setting up suitable measurement system. “And likewise if you set up a proper measurement system, absolutely it will stem the wave of unrefined losses through theft in the worth chain, that is really, really crucial. It likewise defined that the technique of measurement needs to be authorized. You do not simply come and state this is the approach you wish to utilize, since prior to the operators would wish to a system that matches them and now it is no longer enabled”, he discussed.
Oil and Gas: FG Unveils Six New Regulations For Mid, Down Stream Sector
