In accordance with the Petroleum Industry Act of 2021, the Federal Government announced on Monday that the Nigeria Upstream Petroleum Host Community Development Trust Regulations had been formally bulletined.
As required by Section 216 of the PIA, it reported this during the second round of stakeholder input on the formulation of regulations.
The gazetted laws had the advantages of promoting long-term development within host communities and providing them with immediate social and economic benefits from petroleum operations.
Others were the Nigeria Conversion and Renewal (Licence and Lease} Regulations, Petroleum Licensing Round Regulations, and Upstream Petroleum Fees and Rents Regulations.
“The inputs of the stakeholders from the engagement were incorporated, where necessary in the draft regulations. Thereafter, the regulations were forwarded to the Attorney-General of the Federation and Minister of Justice for vetting, legislative standardisation, and approval,” Komolafe said.
He added, “I am happy to inform you that one of the regulations, the Nigeria Upstream Petroleum Host Community Development Trust Regulations, has been gazetted while the remaining five have been finalised and ready for gazetting.
“In furtherance of the above and in compliance with Section 216(4)(g) of the PIA 2021, the commission is holding yet another stakeholder consultation today prior to finalising the following draft regulations: Acreage Management (Drilling & Production) Regulations, and Upstream Petroleum Environmental Regulations.”
Others included: the Upstream Petroleum Environmental Remediation Fund Regulations, Upstream Petroleum Safety Regulations, Unitisation Regulations, Upstream Petroleum Decommissioning & Abandonment Regulations, and Frontier Exploration Fund Regulations.