Minister of State for Petroleum Resources, Timipre Sylva, has inaugurated the governing boards of the new entities comprising the regulatory framework for the oil and gas industry as provided for by the Petroleum Industry Act PIA.
The new entities are the Nigerian Upstream Regulatory Commission NURC and Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The inauguration of the two bodies are critical steps to ensuring effective regulation and the adoption of best practices in the Oil and Gas sector, in line with global standards.
The minister inaugurated the new Chief Executive Officers and members of the Governing Boards of the Commission and Authority, in Abuja, following their appointments, screening and clearance by the Senate.
The Commission replaced the defunct Department of Petroleum Resources DPR while the Authority replaced the Petroleum Equalisation Fund PEF and the Petroleum Products Pricing Regulatory Agency PPPRA.
