Nigeria, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is considering seven regulations that would aid the implementation of some fragments of the Petroleum Industry Act, especially contracts, commercials, revocation of oil and gas licenses.
   
Speaking at a stakeholders’ forum in Abuja over the situation, Chief Executive of NUPRC, Gbenga Komolafe, said the seven regulations include; Draft Upstream Commercial Operations Regulations; Draft Upstream Petroleum Code of Conduct & Compliance

Regulations; Draft Upstream Petroleum Development Contract Administration Regulations; Draft Upstream Revocation of Licences and Lease Regulations; Draft Petroleum Assignment of Interest Regulations; Draft Nigerian Upstream Petroleum (Administrative Harmonization) Regulations and Draft Amendment to the Nigerian Upstream Petroleum Host Communities Development Regulations 2022.
    
He disclosed that the Draft Assignment Regulations 2023 would elevate the provisions of the existing guidelines on divestment of interest to a regulation and by so doing, improve the rules to reflect current realities.
   
Komolafe said: “This phase in our regulations development is by no means a final or exhaustive one in our drive to support the upstream industry operators. The Commission will continue to embark on programmes and policies that will create an enabling environment for growth and more investments in the Nigerian upstream oil and gas sector. Therefore, we look forward to more engagements with key stakeholders like your good selves.”
    
Represented by the Commission’s Executive Commissioners in charge of Economic Regulation and Strategic Planning, Dr. Kelechi Ofoegbu, Komolafe said Draft Nigerian Upstream Petroleum (Administrative Harmonization) Regulations 2023 would provide regulatory clarity on the implementation of the dual regulatory regime in the upstream occasioned by the preservation of licenses and leases granted under the Petroleum Act and not converted under the PIA.
    
Komolafe said the amendment to the host community regulation would introduce certain amendments to the existing regulation on the implementation of the host community regime to further ease the administrative process and provide regulatory clarity to the challenges that the implementation of the regime has thrown up in the last one year since the initial regulation was established.
    
According to him, the Draft Upstream Commercial Operations Regulations 2023 is aiming at establishing the framework on the procedure and process for evaluation and approval of Field Development Plans and yearly work programme and budget approvals.
   
The contract regulation on the other hand, is expected to prescribe the framework for the regulatory administration of petroleum development contracts (Joint Development Agreements, Production Sharing Agreements, Service Agreements) relating to upstream petroleum operations.
    
Komolafe said the Draft Upstream Revocation of Licences and Lease Regulations set out the framework for implementing the Revocation Provisions of the Act and for dealing with post revocation issues in a systematic manner that ensures.
    
The NUPRC boss said the draft regulation proposes to establish the framework on the procedure and process for evaluation and approval of Field Development Plans and yearly work programme and budget approvals.