Petroleum Industry Act, 2021 🇳🇬

Nigeria

Petroleum Industry Act, 2021

Published on 27 August 2021
Assented to on 16 August 2021
Commenced on 16 August 2021
[This is the version of this document from 27 August 2021.]

AN ACT TO PROVIDE LEGAL, GOVERNANCE, REGULATORY AND FISCAL FRAMEWORK FOR THE NIGERIAN PETROLEUM INDUSTRY, THE DEVELOPMENT OF HOST COMMUNITIES ; AND FOR RELATED MATTERS

Chapter 1
GOVERNANCE AND INSTITUTIONS

Part 1 – OBJECTIVES AND APPLICATION

1. Vesting of petroleum

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. Objectives

The objectives of this Chapter are to

(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 res…

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