The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it is drafting six regulations on midstream and downstream operations to bring clarity, improve business processes and ease of doing business in the sector.
The Authority Chief Executive (ACE), NMDPRA, Mr Farouk Ahmed made this known during a meeting with members of the Independent Petroleum Producers Group (IPPG) in Abuja.
Ahmed, in a statement on Sunday listed the regulations as Gas Pricing, Environmental Management Plan, Environmental Remediation Fund, Decommissioning and Abandonment, Gas Infrastructure Fund and Natural Gas Pipeline Tariff.
The ACE also informed the group that a Working Team chaired by Mr Ogbugo Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure (DSSRI) , NMDPRA was set up to review the draft regulations.
According to him, the group will engage and consult stakeholders for smooth implementation when released.
“One of our key concerns is boosting local refining.
“Dangote and BUA refineries are coming on board; however, we want to see more companies investing in refineries so we can stop the importation of refined petroleum products, save our foreign earnings, create jobs and add value to the economy,’’ he said.
He pledged the authority’s commitment in making the business climate in the midstream and downstream conducive for local and foreign investment to thrive.
The NMDPRA Boss, however commended the gradual growth of indigenous players in local exploration and production of petroleum products.
Earlier, the IPPG Chairman, Mr Abdulrazaq Isa said the IPPG was an association of 25 indigenous Exploration and Production (E&P) companies.
He said the vision of the group was to promote the continued development of the Nigerian Petroleum Industry for the benefit of industry stakeholders and the nation.
Isa noted that timely communication with industry players was important at this time that the authority is going through a transition period.
IPPG called on the NMDPRA to, as a matter of urgency, enact regulations on tariffs, domestic gas and clear license issuance modalities amongst others. (NAN)