PIA-2021_Governance and Institutions-Part I (Objectives and Application).pdf

Petroleum Industry Act, 2021 2021 No. 6 A 131 PETROLEUM INDUSTRY ACT, 2021 ACT No. 6 AN ACT TO PROVIDE LEGAL, GOVERNANCE, REGULATORY AND FISCAL FRAMEWORK FOR THE NIGERIAN PETROLEUM INDUSTRY, THE DEVELOPMENT OF HOST COMMUNITIES ; AND FOR RELATED MATTERS [16th Day of August, 2021] Commencement....

Petroleum Industry Act, 2021 2021 No. 6 A 131 PETROLEUM INDUSTRY ACT, 2021 ACT No. 6 AN ACT TO PROVIDE LEGAL, GOVERNANCE, REGULATORY AND FISCAL FRAMEWORK FOR THE NIGERIAN PETROLEUM INDUSTRY, THE DEVELOPMENT OF HOST COMMUNITIES ; AND FOR RELATED MATTERS [16th Day of August, 2021] Commencement. ENACTED by the National Assembly of the Federal Republic of Nigeria— CHAPTER 1—GOVERNANCE AND INSTITUTIONS PART I—OBJECTIVES AND APPLICATION 1. The property and ownership of petroleum within Nigeria and its territorial waters, continental shelf and exclusive economic zone is vested in the Government of the Federation of Nigeria. 2. The objectives of this Chapter are to— Vesting of petroleum. Objectives. (a) create efficient and effective governing institutions, with clear and separate roles for the petroleum industry ; (b) establish a framework for the creation of a commercially oriented and profit-driven national petroleum company ; (c) promote transparency, good governance and accountability in the administration of the petroleum resources of Nigeria ; (d) foster a business environment conducive for petroleum operations ; and (e) deepen local content practice in Nigeria oil and gas industry. PART II—MINISTER OF PETROLEUM 3. (1)—The Minister shall— (a) formulate, monitor and administer government policy in the petroleum industry ; (b) exercise general supervision over the affairs and operations of the petroleum industry in accordance with the provisions of this Act ; (c) report developments in the petroleum industry to the government ; (d) represent Nigeria at international organisations on petroleum matters ; (e) promote an enabling environment for investment in the Nigerian petroleum industry ; (f ) negotiate treaties or other international agreements on matters pertaining to petroleum on behalf of the Government ; Powers of the Minister.