Overview

The Petroleum Industry Act (PIA) 2021 is a comprehensive legislation enacted by the Federal Republic of Nigeria to govern the petroleum industry. It repeals several existing laws and establishes new regulatory frameworks. The Act is divided into chapters covering governance and institutions, including the vesting of petroleum, objectives, the powers of the Minister of Petroleum, the establishment of the Nigerian Upstream Regulatory Commission (the Commission) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (the Authority), and the creation of the Nigerian National Petroleum Company Limited (NNPC Limited). Key provisions include the transfer of assets and liabilities to NNPC Limited, the establishment of a Midstream and Downstream Gas Infrastructure Fund, and the creation of Special Investigation Units within the Commission and Authority. The Act outlines the composition, functions, and powers of the governing boards, chief executives, and employees of these entities, as well as financial management, reporting requirements, and indemnity provisions. It aims to enhance transparency, efficiency, and local content in the petroleum sector.

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