The Federal Government will unveil the Host Community Development Trust Regulations in line with the Petroleum Industry Act (PIA) on Tuesday (today).
Executive Commissioner, Economic Regulation & Strategic Planning, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Dr Kelechi Ofoegbu, disclosed this while giving an update on the PIA in Lagos.
According to him; The Host Community Development Trust Regulations embedded in the PIA would give guidance to operators in the oil and gas sector.
He also said Petroleum Prospecting Licences (PPLs) were scheduled to be presented to the successful awardees from the marginal fields bid round 2020 same day.
Ofoegbu had earlier said the Federal Government was currently reviewing five additional regulations with regard to the Petroleum Industry Act (PIA 2021), to be presented in July.
According to him, the Commission received five more priority regulations which included; Nigerian Acreage Management Drilling and Production Regulation, Decommissioning and Abandonment Fund Regulation, Environmental Remediation Fund Regulations, Upstream Petroleum Environmental Regulation, and the Upstream Petroleum Safety Regulation.
He said the regulations were being reviewed internally and would be presented for stakeholders’ feedback in July 2022.
Ofoegbu also revealed that a stakeholder consultation forum was successfully held in Abuja in April where six regulations were discussed, and feedback received.
He listed the already reviewed regulations as: The Nigerian Upstream Fee and Rent Regulations, The Petroleum Licensing Round Regulations, Domestic Gas Delivery Obligations Regulations, The Nigeria Conversion Regulations, Nigeria Royalty Regulations, and the Nigeria Host Community Regulations.
He said the six regulations were being finalised with the Ministry of Justice prior to gazetting.
“They should be gazetted by the end of the month (June),” he said.
President Buhari had said thy Nigeria lost an estimated $50bn worth of investments in 10 years, created by the uncertainty of non-passage of the PIB, lack of progress and stagnation in the petroleum industry.