The Federal Government 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 Chief Executive, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed disclosed this in a meeting with members of the Independent Petroleum Producers Group (IPPG) in Abuja.
The regulations include gas pricing, environmental management plan, environmental remediation fund, decommissioning and abandonment, vas infrastructure fund and natural gas pipeline tariff.
According to him, a Working Team chaired by Mr Ogbugo K. Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure (DSSRI) was set up to review the draft regulations, and engage and consult stakeholders for smooth implementation when released.
He added: “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’’.
He commended the gradual growth of indigenous players in local exploration and production of petroleum products.
Earlier, the IPPG Chairman, Mr Abdulrazaq Isa said the IPPG was an association of 25 indigenous Exploration and Production (E&P) 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 implored the NMDPRA to urgently enact regulations on tariffs, domestic gas and clear license issuance modalities amongst others.
