FG Scraps DPR, PPPRA, PEF for New Agencies

Oil & Gas
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp

Tuesday, October 19, 2021 / 09:50 AM / by Kingsley Jeremiah of The Guardian / Header Image Credit: Punch


The Guardian is reporting that the Federal Government has officially scrapped the Department of Petroleum Resources (DPR), Petroleum Products Pricing Regulatory Agency (PPPRA) and the Petroleum Equalisation Fund (PEF).


Following the passage and implementation of the Petroleum Industry Act (PIA), the Upstream Regulatory Commission and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NPRA) are to perform the duties of the three defunct agencies.



The move also includes the official transition of the Nigerian National Petroleum Corporation into NNPC Limited to be governed by an extant company and allied matter regulation.


Speaking at the official transition in Abuja, Minister of State for Petroleum Resources, Timipre Sylva, as well as head of the upstream commission, Gbenga Komolafe and NPRA Chief Executive Officer, Farouk Ahmed, predicted improved investments to leapfrog the nation's oil sector.


The stakeholders are also considering ways to engage oil companies amid divestment of portfolios, stressing that the country would drastically drive improvement in daily production and crude oil reserves.



Sylva said with the leadership of the new agencies in place, the heads of the old ones are now technically handing over to their successors.


His words: "Today's (yesterday) event marks the beginning for the news agencies. Their assignment is simple - to make sure that the new agencies - take off immediately.


"I am really expecting a lot of growth and development in the oil industry. The oil industry has been stagnated for a long time because the process of passing the PIA was on for over 20 years.



"So a lot of companies, a lot of investors took a sit-down-and-watch approach. The PIA has clarified the legal framework around the sector and the agencies are in place. I don't see anything now stopping investors from coming.


"And we are very lucky to have very competent industry people with proven experiences. So, we believe that they can hit the ground running and Nigerians should brace up for exponential growth in the oil and gas sector."



The post Finally, government scraps DPR, PPPRA, PEF for New Agencies first appeared in Guardian.NG on October 19, 2021.

Proshare Nigeria Pvt. Ltd.



Related News

1.       President Buhari Directs Incorporation of NNPC Ltd, Appoints Board

2.      Experts to Discuss PIA: Implications for Businesses, Local Communities, and Sustainable Development

3.      The Petroleum Industry Act - Redefining the Nigerian Oil and Gas Landscape

4.      The Petroleum Industry Act Needs Whistleblowing Mechanism to Ensure Transparency

5.      President Buhari Appoints Timipre Sylva as Chairman of Steering Committee on Petroleum Industry Act

6.      Nigeria's Petroleum Bill (PIB) Could Boost Long-Term Oil Production

7.      PIB to Boost Nigeria: Committed to Driving Collaboration and Deal-Making in Nigeria's Energy Sector

8.     PIB: Securing Nigeria's Energy Future

9.      The Petroleum Industry Bill (PIB): Top 20 Changes You Should Know

10.  Petroleum Industry Bill Passed by The National Assembly

11.   PIB: Dangote Refinery, Others to Buy Crude in Naira

12.  Petroleum Industry Bill (PIB) 2020 - A Game Changer?

13.  Senate Passes Petroleum Industry Bill

14.  The Benefits of the Passing of Nigeria's PIB Will be Top of the Agenda at African Energy Week 2021

15.  PDFInside Nigeria's 2020 Petroleum Industry Bill - Budgit

16.  PDF: The Petroleum Industry Bill 2020

17.   PDFPIB Report Draft 2021 - House of Reps AD-HOC Committee

18.  TheAnalystSpeaks 1.0 - PIB will Sanitize and Standardize Processes in Nigeria's Oil and Gas Sector

19.  The PIB and the Gas Sector - Shaping a New Model

20. NNRC Encourages NASS to Prioritize The PIB

21.  The PIB: Matters Arising

22. PIB Will Ensure Nigerians Benefit Optimally from Oil and Gas Resources - Ahmed Lawan

23. PIB: Will the Jinx be Broken This Time Around?

24. PIB Will Be An Enabler For Increased Investments In The Oil and Gas Sector - Bambo Ibidapo-Obe

25. Inside Nigeria's 2020 Petroleum Industry Bill

26. Impact of the New Petroleum Industry Bill on Nigeria's Oil

27.  Petroleum Industry Bill - Is There Light At The End of The Tunnel?

28. Nigeria to Draft Petroleum Industry Bill from Scratch

29. Analysing the Petroleum Industry Bill

30. Petroleum Industry Bill - Senate To Receive Final Report on PIGB April 25

31.  Bukola Saraki's Remarks at Petroleum Industry Bill Public Hearing

32. The New Petroleum Industry Bill and Taxation of Petroleum Products in Nigeria

33. FG may effect changes in Petroleum Industry Bill

34. FG Explains Why Presidential Assent Was Withheld For Petroleum Industry Governance Bill

35. House of Representatives Passes Petroleum Industry Governance Bill

36. Senate Passed Petroleum Industry Governance Bill

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News