Upstream Licence Conversion Under The Petroleum Industry Act, 2021

After years of deliberation, Nigeria’s Petroleum Industry Act (“PIA” or the “Act”) was signed into law in August 2021, to herald a new reality for players in the oil and gas industry in Nigeria. The modifications are broad, profound, and effect a revamp of the previous administrative, regulatory, and fiscal regimes.

Although the Act still categorizes the petroleum sector into the upstream, midstream and the downstream sectors, one of the notable innovations introduced is the new licensing regime for relevant upstream petroleum operations.