Newnaija The Nigerian government has proposed new regulations aimed at streamlining the Midstream and Downstream Petroleum sector operations.
The proposed 2024 Midstream and Downstream Petroleum Operations Regulations seek to consolidate 12 existing regulations into a single document.
The regulations, unveiled at a Stakeholders’ Consultation Forum on Tuesday in Abuja is to reduce complexities, enhance compliance, and promote ease of doing business in the sector.
According to the Executive Director of Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Nmdpra Ogbugo Ukoha, the consolidation will simplify navigation and implementation of regulations, streamline operations in the Midstream and Downstream Petroleum Regulatory industry.
He added that it would also help to address inconsistencies in the regulatory space, enhance compliance with the Petroleum Industry Act 2021, and related regulations.
Ukoha explained that the proposed regulations align with President Bola Ahmed Tinubu’s commitment to promoting ease of doing business in Nigeria.
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He noted that the proposed operational regulatory guidelines will be read in conjunction with other regulations, including the Midstream and Downstream Petroleum Fees Regulations.
Industry stakeholders at the Forum welcomed the move, citing its potential to attract investment and boost growth in the sector.
The regulations are expected to be finalized after the stakeholder consultation and approval from the Ministers of State for Petroleum Resources.
Once approved, the Midstream and Downstream Petroleum Fees Regulations will be published in the Federal Government Gazette, providing clarity on prescribed fees for Midstream and Downstream Petroleum activities.
(Editor: Ken Eseni)
