The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMPRA) has issued six regulations to govern its Midstream and Downstream operations.
This comes on the heels of a sum of N58bn from N500bn bridging claim the Federal Government paid to the Independent Petroleum Marketers of Nigeria (IPMAN) through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Investors King gathered that an official statement released by the Corporate Communications of NMDPRA noted that the joint agency stated that the amount disbursed to the association is the highest they had paid within six months span by former fund administrators.
Engineer Farouk Ahmed, the Authority’s Chief Executive explained that the aim was to improve business processes, bring clarity, and ease of doing business in the sector. NMDPRA said that it was aware of the matters raised by the petroleum marketers and the difficulties being faced by the association members due to the unpaid N500bn bridging claims.
He explained that a team led by Mr Ogbugo K. Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure (DSSRI) has been set up to review the draft regulations, and engage and consult stakeholders for smooth implementation when released.
The six regulations include Environmental Management Plan, Gas Pricing, Environmental Remediation Fund, Decommissioning and Abandonment, Gas Infrastructure Fund, and Gas Pipeline Tariff.
“One of our key concerns is boosting local refining. Dangote and BUA refineries are coming on board, however, we want to see more companies investing in refineries so we can stop the importation of refined petroleum products, save our foreign earnings, create jobs and add value to the economy”, Ahmed said.
Ahmed further noted the gradual growth of indigenous players in the local exploration and production of petroleum products.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (Otherwise known as “The Authority”) was created in August 2021 in line with the Petroleum Industry Act 2021 which provides a legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry as well as the development of Host Communities.
