NUPRC Gets New Gazette On Host Community Dev Trust

The Nigeria Upstream Pe
troleum Regulatory Commission (NUPRC), Monday, said another set of draft regulation on Nigeria Upstream Petroleum Host Community Development Trust regulations had been gazetted.
The Nigeria Upstream Petroleum Host Community Development Trust regulations was among the six draft regulations presented for discussion during the first phase of the commission’s consultations with stakeholders earlier in April.
Making this known at the second phase of consultation with stakeholders on draft regulations, Monday, the Chief Executive Officer, NUPRC, Gbenga Komolafe, said it was part of the Commission’s efforts towards ensuring an enabling environment for growth and investments in the upstream oil and gas industry.
Seven regulations were gazetted at the session: Acreage Management (Drilling & Production) Regulations; Upstream Petroleum Environmental Regulations; Upstream Petroleum Environmental Remediation  Fund Regulations; Upstream Petroleum Safety Regulations; Unitisation Regulations; Upstream Petroleum Decommissioning & Abandonment Regulations; and Frontier Exploration Fund Regulations.
Komolafe said the outstanding five regulations, Royalty Regulations; Domestic Gas Delivery Obligation Regulations; Nigeria Conversion & Renewal (Licence and Lease) Regulations; Petroleum Licensing Round Regulations; Upstream Petroleum Fees and Rents Regulations have been finalised and ready for gazetting.
He stated that the Commission would continue to ensure that key policies and regulations necessitated by the Petroleum Industry Act (PIA) are developed and gazetted timely so that the industry operators can align their operations with the PIA provisions as quickly as possible.
A statement by the Commission reads: “The inputs of the stakeholders from the engagement were incorporated, where necessary, in the draft regulations.
“Thereafter, the regulations were forwarded to the Attorney General of the Federation and Minister of Justice for vetting, legislative standardisation, and approval. I am happy to inform you that One of the regulations.”
Kolade, who welcoming the stakeholders to the consultation session, said it was in compliance with Section 216 of the Petroleum Industry Act (PIA).
“Please permit me to reiterate that the process of formulating the regulations has been a rigorous and strenuous exercise. They are products of critical thinking and evaluation, and hard work by the Commission’s Regulation development Team and the Presidential Implementation Committee on PIA.
“Despite this, however, the process is not complete until the Stakeholders’ critical inputs are obtained, discussed, and incorporated, where necessary, in the Regulations,” Komolafe said.
He promised that “the Commission will continue to embark on programmes and policies that will create enabling environment for growth and more investments in the Nigerian upstream oil and gas sector.”