Petroleum Industry Governance Institutions

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What is the primary function of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)?

To regulate technical and commercial aspects of upstream petroleum operations (correct)

To manage the distribution of petroleum products

To oversee the marketing of petroleum products

To regulate downstream petroleum operations

What is one of the objectives of the NUPRC?

To ensure the efficient, effective, and ecologically responsible conduct of upstream petroleum operations (correct)

To reduce the price of petroleum products

To increase the number of petroleum licenses

To promote the use of alternative energy sources

What is part of the technical regulatory function of the NUPRC?

Conducting research on alternative energy sources

Implementing upstream petroleum operations rules, appropriate laws, and regulations (correct)

Regulating the prices of petroleum products

Awarding contracts for downstream operations

What is one of the responsibilities of the NUPRC in terms of licenses?

Making recommendations to the minister for the issuance, revocation, and suspension of licenses Signup and view all the answers

What is one of the goals of the NUPRC in terms of norms and standards?

To ensure that technical standards, norms, methods, and specifications are implemented and maintained in conformity with good international petroleum industry practices Signup and view all the answers

What is one of the functions of the NUPRC in terms of advice?

Providing the minister with fiscal, operational, and other advice Signup and view all the answers

What is established by the Act?

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Signup and view all the answers

What does the NUPRC ensure in terms of laws and rules?

That all applicable laws and rules regulating upstream petroleum operations are followed Signup and view all the answers

Which of the following institutions is responsible for giving policy direction to the entire petroleum industry?

The Ministry of Petroleum Resources Signup and view all the answers

What is the role of the Minister in terms of international organisations on petroleum-related issues?

To speak up for Nigeria Signup and view all the answers

What is one of the commercial regulatory functions of the commission?

To examine and approve the commercial components of field development plans Signup and view all the answers

What is the purpose of the commission's cost analyses and benchmarks?

To control costs in upstream operations Signup and view all the answers

Which of the following is a key function of the Ministry of Petroleum Resources?

To formulate and administer government policies Signup and view all the answers

What is the Minister's role in terms of the commission and authority?

To give general policy directives Signup and view all the answers

Which of the following is a responsibility of the commission in Nigeria's frontier basins?

To create exploration plans and a portfolio management system Signup and view all the answers

What is the outcome of the commission's research and analysis of Nigeria's unassigned frontier basins?

Improved knowledge of Nigeria's frontier acreages' petroleum resource base Signup and view all the answers

What is the main role of the Ministry of Petroleum Resources?

To provide general oversight and control of the petroleum industry Signup and view all the answers

What is one of the powers of the commission?

To enforce laws and policies relating to upstream activities Signup and view all the answers

What is NOT one of the Minister's roles?

To administer the Nigerian National Petroleum Company Limited Signup and view all the answers

What is the purpose of the commission's portfolio management system?

To create exploration plans and manage unclaimed frontier acreages Signup and view all the answers

What is the Minister's role in terms of oil pricing?

To regulate production levels in light of international agreements Signup and view all the answers

What is the outcome of the commission's direction to reduce output of crude oil or condensate?

Decrease in oil production Signup and view all the answers

Which institution is responsible for the governance of the petroleum industry?

All of the above institutions Signup and view all the answers

What information must leases and permit holders publish according to the commission's regulations?

Non-proprietary information about their operations Signup and view all the answers

What is a source of funding for the Authority?

Fees paid for use of facilities of the Authority Signup and view all the answers

How many non-executive members are on the Board of the Authority?

Two Signup and view all the answers

What percentage of the wholesale price of petroleum products is given to the Authority?

0.5% Signup and view all the answers

What is the name of the company that replaced the Nigerian National Petroleum Corporation?

Nigerian National Petroleum Company Limited (NNPC Limited) Signup and view all the answers

How many executive directors are on the Board of the Authority?

Two Signup and view all the answers

What does the Nigerian National Petroleum Company Limited (NNPC Limited) need to operate on?

Commercial basis Signup and view all the answers

What percentage of profits does the Nigerian National Petroleum Company Limited (NNPC Limited) retain?

20% Signup and view all the answers

What type of company is the Nigerian National Petroleum Company Limited (NNPC Limited) incorporated under?

Companies and Allied Matters Act (CAMA) Signup and view all the answers

What is the composition of the Board of the Commission according to Section 11 of the Act?

One non-executive chairman, two non-executive commissioners, the chief executive, and two executive commissioners Signup and view all the answers

What is the primary objective of the Authority established by the PIA?

To regulate technical, operational, and commercial petroleum operations in the midstream and downstream sectors Signup and view all the answers

Who represents the ministry of finance in the Board of the Commission?

A representative not below the rank of director Signup and view all the answers

What is one of the objectives of the Authority?

To establish technical standards, codes, norms, and specifications Signup and view all the answers

Who is responsible for finance and accounts in the Board of the Commission?

One of the executive commissioners Signup and view all the answers

What is the role of the Authority in the provision of natural gas?

To promote the provision of natural gas to the domestic market Signup and view all the answers

Who is the head of the Board of the Commission?

A non-executive chairman Signup and view all the answers