By Adaobi Rhema Oguejiofor
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has unveiled six new regulations which it says will support sustainable growth for the midstream and downstream sectors of the oil and gas industry.
The Chairman of NMDPRA Board, Idare Ogan, while speaking during the recent unveiling of the new regulations in Abuja, said that the new rules will provide clarity for both operators and regulators in the industry.
Ogan explained that the regulations, which were derived from the Petroleum Industry Act (PIA) 2021, would promote growth in the industry and help in improving Nigeria’s economy by giving it the much-needed edge in terms of prosperity and development.
The Authority Chief Executive of NMDPRA, Engr. Farouk Ahmed, who also spoke at the unveiling, stated that the regulations have been designed to enable businesses through regulatory clarity, certainty, fairness, transparency, and best industry practice.
He assured that in addition to the regulations being launched, 14 other regulations have been developed and will be issued soon.
Also speaking on the regulations, the Secretary/Legal Adviser of NMDPRA, Dr. Joseph Tolorunse, said that the Petroleum Measurement Regulations would standardize measurement system across the industry and help the country curb oil theft and losses.
According to him, meters must now be installed in all the measurement points across the sector, and tthat his was not achievable before. He further explained that. as a result of this, there is no way operators can operate without installing appropriate measurement systems.