Publication: An Examination of the Legal Framework for the Frontier Exploration Fund under the Petroleum Industry Act
Publication: An Examination of the Legal Framework for the Frontier Exploration Fund under the Petroleum Industry Act
The Petroleum Industry Act, 2021 (“PIA”) creates the frontier exploration fund (“Fund”) in respect of the development of the Nigerian frontier basins. Given that the PIA allocates some responsibilities to the regulator of the upstream subsect of the Nigerian oil and gas industry in respect of the Fund, it is perhaps not difficult for one to suspect that the regulator may have (mis)understood the PIA to provide that it shall finance its obligations, in respect of the frontier basins, from the Fund. A widely circulated draft subsidiary legislation proposed by this regulator for the Fund lends credence to our suspicion.
In this paper, our Associates – Fidelis Oguche, Lilian Ezekwu, and Uchenna Ezeagu – clarify the PIA’s position on how the Fund should be appropriated, and discuss the roles (as well as rights) of the Fund’s key actors.
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In this paper, our Associates – Fidelis Oguche, Lilian Ezekwu, and Uchenna Ezeagu – clarify the PIA’s position on how the Fund should be appropriated, and discuss the roles (as well as rights) of the Fund’s key actors.
https://lnkd.in/dmuiJD4A
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