The Nigeria Midstream and Downstream Petroleum Regulatory Authority is drafting six regulations on midstream and downstream operations to bring clarity, improve business processes and ease of doing business in the sector.
The Authority’s Chief Executive, Engr. Farouk Ahmed made this known in a meeting with members of the independent Petroleum Producers Group in Abuja.
Ahmed said the six regulations are gas pricing, environmental management plan, environmental remediation fund, decommissioning and abandonment, gas infrastructure fund and natural gas pipeline tariff.
He also informed the Group that a Working Team chaired by Mr Ogbugo K. Ukoha, Executive Director, Distribution Systems, Storage and Retailing infrastructure was set up to review the draft regulations, engage and consult stakeholders for smooth implementation when released.
Ahmed said, “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.”
The NMDPRA Boss according to a statement on Sunday commended the gradual growth of indigenous players in local exploration and production of petroleum products.
He also pledged the Authority’s commitment in making the business climate in the midstream and downstream conducive for local and foreign investment to thrive.
Earlier, the IPPG Chairman, Mr Abdulrazaq Isa said the IPPG was an association of 25 indigenous Exploration and Production 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 is 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.