The Petroleum Industry Act: An Overview

Description

The law that regulates the Nigeria Petroleum Industry is the Petroleum Industry Act (PIA or Act) and regulations made pursuant to the Act. The Act was signed into law by the President of the Federal Republic of Nigeria on 16 August 2021. Prior to 2021, there were a plethora of laws that were directly and indirectly applicable to the entire value chain of petroleum business (upstream, midstream and downstream sectors) in Nigeria. The main subjects or issues addressed in the laws are operational, environmental, taxation, fiscal, administrative, health and safety or a combination of these. However, these laws have been consolidated into one law, that is, the Act. Skeptical about the Act? A few thoughts If you are skeptical about your investments or whether to invest in Nigeria Petroleum Industry, it is understandable. This book will help you see the positive impact of the Act on your investments and the need to invest in the Nigerian Petroleum Industry. Also, this book will enhance understanding of the Act by petroleum industry practitioners and employees, investors, in-house counsel, legal practitioners, lecturers, students and all others.   Chapter 1 will deal with the history of the Nigerian Petroleum Industry, Chapter 2 will discuss the governance and institutions that regulate the petroleum industry and their roles, Chapter 3 will explore the operational and administrative aspects of the Act, Chapter 4 will take up tax related matters and fiscals, Chapter 5 will deal with host communities and finally in Chapter 6, we will consider the miscellaneous provisions of the Act as well as frequently asked questions about the Act and provide answers to these questions.