{"id":180846,"date":"2022-04-21T06:45:48","date_gmt":"2022-04-21T05:45:48","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=180846"},"modified":"2022-04-21T06:45:48","modified_gmt":"2022-04-21T05:45:48","slug":"sylva-nigeria-needs-effective-regulations-to-harness-pia-benefits","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/04\/21\/sylva-nigeria-needs-effective-regulations-to-harness-pia-benefits\/","title":{"rendered":"Sylva: Nigeria needs effective regulations to harness PIA benefits"},"content":{"rendered":"<p>Minister of state for petroleum resources, Timipre Sylva has disclosed that effective regulations are needed to harness the benefits of the Petroleum Industry Act (PIA) for global relevance.<\/p>\n<p>This was disclosed by Sylva<span data-preserver-spaces=\"true\">\u00a0while declaring open a stakeholders\u2019 consultation forum on draft regulations under the Petroleum Industry Act (PIA) on Wednesday in Abuja.<\/span><\/p>\n<p>Recall that\u00a0<span data-preserver-spaces=\"true\">President Muhammadu Buhari had approved a nine-member<\/span><span data-preserver-spaces=\"true\"> steering committee to ensure the implementation of the PIA \u2014 after he signed the bill into law.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The law which mandates the deregulation of the <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/17\/petroleum-unions-suspend-planned-strike-action\/\">petroleum<\/a> sector and the removal of petrol subsidy had been extended by 18 months.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The draft regulations were prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in collaboration with the presidential steering committee on the PIA.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The first consultative forum was aimed at ensuring inputs and considerations of oil and gas stakeholders on the draft regulations for smooth implementation of the PIA.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The regulations include host communities\u2019 development, petroleum royalty, upstream fees and rent, domestic gas delivery obligations, Nigeria conversation and licencing regulations.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Sylva, chair of the steering committee, said for Nigeria to continue to be relevant at the global level, it must design regulations that could balance the energy base load for Nigeria.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to him, effective regulations would ensure that Nigeria was not left behind in the energy transition train while still harnessing its rich natural hydrocarbon reserves.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The minister expressed optimism that the input from various stakeholders would further clarify the draft regulations and eventual firm up the final regulations for use.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the minister, the government has a mandate of ensuring sound management of the oil and gas sector considering the key role the sector plays in revenue generation for the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said it was on this basis that the presidential steering committee played the pivotal role in collaborating with NUPRC in drafting the first set of regulations for review.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He commended the effort of the commission in the preparation of those draft regulations to beat the deadline set by the law for the commencement of the implementation of the PIA.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cI am hopeful that the regulations when fully implemented will help in no small measure in the smooth take-off of the day-to-day operations of the NUPRC,\u2019\u2019 he added.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Sylva said that the eventual assent signalled a new era and opportunities in the oil and gas sector of the economy after almost two decades of unsuccessful efforts to have the law passed in Nigeria.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He, while decrying challenges posed by huge divestments in the hydrocarbon explorations by oil majors in the past due to global energy transition, called for more innovative ways of fossil fuel exploitation and exploration in Nigeria.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In his remark, Gbenga Komolafe, chief executive officer (CEO), NUPRC said the forum was expected to discuss and finalise the draft regulations in line with Section 216 of the PIA 2021.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe are conscious of prioritising regulations to meet the timelines in the PIA. As such, this first phase of the stakeholders\u2019 engagement will capture burning issues on the implementation in line with Section 235 of the PIA,\u201d Komolafe said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAnd also finalising the 2020 bid round through issuance of Petroleum Prospecting Licence (PPL) in line with Section 94 (2) of the PIA and a host of others.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minister of state for petroleum resources, Timipre Sylva has disclosed that effective regulations are needed to harness the benefits of the Petroleum Industry Act (PIA) for global relevance. This was disclosed by Sylva\u00a0while declaring open a stakeholders\u2019 consultation forum on draft regulations under the Petroleum Industry Act (PIA) on Wednesday in Abuja. Recall that\u00a0President Muhammadu [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":178777,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[1193,35833,18379,1660],"class_list":["post-180846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-nnpc","tag-petroleum-sector","tag-pia","tag-timipre-sylva"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sylva: Nigeria needs effective regulations to harness PIA benefits<\/title>\n<meta name=\"description\" content=\"Minister of state for petroleum resources, Timipre Sylva has disclosed that effective 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