Tag: PIA

NNPCL, Chevron targets JVs 165,000 bpd oil production by Dec. 2024

Aminu Imam
NNPCL, Chevron

As partners concludes conversion of assets into PIA terms In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Ltd and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its JV assets into the PIA terms. Under the new PIA regime, all existing Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) would be automatically converted to Petroleum Prospecting Licenses (PPLs) and Petroleum Mining Leases, (PMLs) upon their…

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?angote urges NUPRC to enforce the PIA act on crude supply

Aminu Imam
?angote urges NUPRC

?angote Petroleum Refinery Management has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to enforce the domestic crude supply obligation as specified in the Petroleum Industry Act, (PIA). ?angote insisted that refineries in Nigeria should be allowed to buy crude directly from the companies that produce it in Nigeria rather than from international middlemen, as enshrined in the PIA act. Spokesperson of the ?angote Group, Anthony Chiejina, who made the appeal in statement on Thursday night, said the claim by NUPRC that it had facilitated the allocation of 29 million…

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PIA 2022: Comply with Senate resolution on crude oil export terminals – Buhari directs MDAs

Aminu Imam

President Muhammadu Buhari, has instructed all government establishments to comply with the senate resolution asking that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) be the sole and only regulatory entity to regulate and monitor the activities of all existing crude oil export terminals in Nigeria. The resolution was passed November 2022 in alignment with Section 7ee of the Petroleum Industry Act (PIA) 2021. Institutions affected by the directive include the NUPRC, Nigerian Midstream Downstream Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company Limited (NNPCL), Federal Ministry of Industry, Trade and…

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Buhari requests Senate to amend PIA over unbalanced geographical representation, others

Aminu Imam

President Muhammadu Buhari has asked the Senate to amend the Petroleum Industry Act (PIA) 2021. He made the request in a letter read by the Senate President, Ahmad Lawan, during plenary yesterday on the floor of the upper chamber of the National Assembly in Abuja. In the letter dated September 16, President Buhari explained that his proposal became necessary having carefully reviewed the administrative structure of both the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Nigerian Upstream Regulatory Commission. He listed the three areas of the Act he…

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