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Monday, 14 November 2016

Massive upset in oil Sector- FG to Scrap NNPC, DPR, PPPRA, Others

The federal government is making moves to scrap the NNPC, DPR, PPPRA and other regulatory bodies in the oil sector.

These agencies will be replaced by a single agency to be known as Petroleum Regulatory Commission, PRC, according to government's draft of the National Oil Policy document.

The document said the existing framework of the agencies is weak.

“Although the agencies generally work well together, their roles, sometimes, overlap and there are significant information gaps within the government as, sometimes, one institution is unaware of what the other is doing," it said.

It added that the proposed single petroleum sector regulatory authority will operate under the policy supervision of the Minister of Petroleum Resources.

“This does not mean that the regulatory authority will report to the Ministry on a day to day basis. The new single regulatory authority will be an operationally independent regulatory institution. The Minister’s involvement will be hands off and just to ensure that the regulatory authority properly carries out its roles of implementing the policy,” it explained.

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