The Federal Government, on Monday, said it had officially gazetted the Nigeria Upstream Petroleum Host Community Development Trust Regulations in line with the Petroleum Industry Act, 2021.
It disclosed this during the second phase of consultation with stakeholders on regulations development as mandated by Section 216 of the PIA.
Some of the benefits of the gazetted regulations included: fostering sustainable prosperity within host communities and providing direct social and economic benefits from petroleum operations to host communities.
Others included: enhancing peaceful and harmonious co-existence between licensees or lessees and host communities, as well as creating a framework to support the development of host communities.
In his speech presented at the event, the Chief Executive, Nigeria Upstream Petroleum Regulatory Commission, Gbenga Komolafe, said six draft regulations were presented for discussion during the first phase of consultations with stakeholders in April this year.
He outlined the regulations to include: the Nigeria Upstream Petroleum Host Communities Development Regulations, Royalty Regulations, and Domestic Gas Delivery Obligation Regulations.
Others were the Nigeria Conversion and Renewal (Licence and Lease} Regulations, Petroleum Licensing Round Regulations, and Upstream Petroleum Fees and Rents Regulations.
“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,” Komolafe said.
He added, “I am happy to inform you that one of the regulations, the Nigeria Upstream Petroleum Host Community Development Trust Regulations, has been gazetted while the remaining five have been finalised and ready for gazetting.
“In furtherance of the above and in compliance with Section 216(4)(g) of the PIA 2021, the commission is holding yet another stakeholder consultation today prior to finalising the following draft regulations: Acreage Management (Drilling & Production) Regulations, and Upstream Petroleum Environmental Regulations.”
Others included: the Upstream Petroleum Environmental Remediation Fund Regulations, Upstream Petroleum Safety Regulations, Unitisation Regulations, Upstream Petroleum Decommissioning & Abandonment Regulations, and Frontier Exploration Fund Regulations.
