Nigerian Petroleum Industry Act 2021, Act No 6, 16 August 2021
Country
Year
2021
Summary
An Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development or Host Communities ; and for Related Matters.
1. The property and ownership of petroleum within Nigeria and its territorial waters, continental shelf and exclusive economic zone is vested in the Government of the Federation of Nigeria.
2. The objectives of this Chapter are to-
(a) create efficient and effective governing institutions, with clear and separate roles for the petroleum industry;
(b) establish a framework for the creation of a commercially oriented and profit-driven national petroleum company;
(c) promote transparency, good governance and accountability in the administration of the petroleum resources of Nigeria;
(d) foster a business environment conducive for petroleum operations; and
(e) deepen local content practice in Nigeria oil and gas industry.
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