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Nigeria Abolishes Three Petroleum Agencies as It Implements New Oil Law

By Obafemi Oredein

Special to Dow Jones Newswires

 

IBADAN, Nigeria--Nigeria has abolished its Department of Petroleum Resources, Petroleum Equalization Fund and the Petroleum Product Pricing Regulatory Agency amid the implementation of new Petroleum Industry Act.

The PIA was signed into law in August with the aim of overhauling the country's oil-and-gas industry.

The functions of the three defunct agencies are being taken over by the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Authority. The former will be responsible for oversight of upstream petroleum operations and implementing regulatory policies pertaining to those, while the latter will regulate midstream and downstream operations.

Under the PIA, the former Nigerian National Petroleum Corp., which had run as a state enterprise since 1977, has been incorporated as a company with a board and is now called NNPC Ltd.

 

Write to Barcelona Editors at barcelonaeditors@dowjones.com

 

(END) Dow Jones Newswires

October 19, 2021 08:54 ET (12:54 GMT)

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