Odujinrin & Adefulu

Petroleum Industry Act; Developments And Regulatory Compliance Issues

We are well into the second year of implementation of the Petroleum Industry Act 2021 (“Act”), and regulatory activities within the walls of the twin regulators – the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority have accelerated. This March comes with yet another critical milestone as certain regulatory activities are due for completion. In this newsletter, our Oludamola Awobokun and Lateef Bamidele provide updates on the implementation activities so far, as well as timelines required for action by the industry.