Govt To Address Challenges In PSC As New Regulations Set In
Although Nigeria’s oil production remains dismal at 1.3 million barrels per day amidst theft and vandalism, Nigerian Upstream Regulatory Commission (NUPRC), yesterday, said the production would hit two million barrels by the end of this year.
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.
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 annual 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.
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.