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The Petroleum Industry Bill 2020 has listed the specific functions of the three agencies that would replace the NNPC

Posted by on October 6th, 2020 Under Breaking News

The Petroleum Industry Bill 2020 has listed the specific functions of the three agencies that would replace the Nigerian National Petroleum Corporation when the proposed legislation is passed and assented to by the President, Major General Muhammadu Buhari (retd.).

A copy of the bill obtained by our correspondent on Monday named the three agencies to be created from the NNPC to include the Nigerian Upstream Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian National Petroleum Company Limited.

The bill states that the NURC shall be responsible for the technical and commercial regulation of upstream petroleum operations and ensure compliance with all applicable laws and regulations governing the upstream petroleum operations.

It would ensure that such operations are carried out in a manner to minimise waste and achieve optimal government revenues among other functions.

The NMDPRA, according to the bill, shall be responsible for the technical and commercial regulation of midstream and downstream petroleum operations in the petroleum industry.

The bill states that the NNPC Limited must be incorporated six months after the commencement of the Act by the minister under the Companies and Allied Matters Act, as a limited liability company.





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