Gas export revenue surpasses oil receipts by 259.4%

By Obas Esiedesa

The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday disclosed that it is drafting new regulations on Gas Pricing in the country.

The agency also revealed that new regulations on Environmental Management Plan, Environmental Remediation Fund, Decommissioning and Abandonment, Gas Infrastructure Fund and Natural Gas Pipeline Tariff are also in the making.

The NMDPRA in a statement in Abuja said the new regulations on midstream and downstream operations would bring clarity, improve business processes and ease of doing business in the sector. 

The Authority Chief Executive, Engr. Farouk Ahmed who disclosed this during a meeting with members of the Independent Petroleum Producers Group (IPPG) in Abuja said a Working Team chaired by Mr Ogbugo K. Ukoha, Executive Director, Distribution Systems, Storage & Retailing Infrastructure (DSSRI)  has been set up to review the draft regulations, engage and consult stakeholders for smooth implementation when released.

Ahmed further stated that “One of our key concerns is boosting local refining. Dangote and BUA refineries are coming on board; however,  we want to see more companies investing in refineries so we can stop the importation of refined petroleum products, save our foreign earnings, create jobs and add value to the economy’’.

Earlier, the IPPG Chairman, Mr Abdulrazaq Isa said the IPPG was an association of 25 indigenous Exploration and Production (E&P) companies with the vision to promote the continued development of the Nigerian Petroleum Industry for the benefit of industry stakeholders and the nation.

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