The Petroleum industry Act (PIA) was officially signed into law on the 16 of August 2021 by the President of Nigeria. The Act provides for legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of Host Communities and related matters. It contains 5 Chapters, 319 Sections and, 8 Schedules dealing with [...]
The Oil and Gas sector serves as a major source of revenue in Nigeria. Any person intending to start an oil and gas business in Nigeria must comply with certain legal requirements. This write-up will give a breakdown of the step-by-step procedure necessary to set up an oil and gas business in Nigeria. The following [...]
HOW TO START AN OIL SERVICING COMPANY IN NIGERIA The petroleum sector is one of the highly regulated sectors in Nigeria, and as such, every entity intending to engage in such sector must be duly licensed to do so. The procedure to start an oil service company in Nigeria starts with the incorporation of such [...]
NNPC has begun to show its books to members of the public, an act that should increase its efficiency and transparency. The Nigerian National Petroleum Corporation (NNPC) had in the past been associated with allegations of corrupt practices across its operations. For instance, at the request of the federal government in 2010, two audit firms, [...]
Marketers of petroleum products in the country have continued to highlight the negative impact of the long delay in passing the Petroleum Industry Bill (PIB) on the downstream sector of the nation’s oil industry. Precisely, they said the failure to pass the all-important bill into law for decades has resulted in a loss of appetite [...]
 NCDMB EXPATRIATE QUOTA APPROVAL Companies seeking to engage expatriates in the Nigerian oil and gas industry must obtain the relevant approvals from the Nigerian Content Development & Monitoring Board (NCDMB) before applying for Expatriate quota, Temporary Work Permit, or other entry permits from the Ministry of Interior, the Nigeria Immigration Service or other agencies of [...]
OIL AND GAS POLICIES IN NIGERIAÂ There are various laws regulating oil and gas in Nigeria. The principals among these laws are the 1999 Constitution of Nigeria (as amended) and the Petroleum Act, which vested ownership and control of oil found anywhere in Nigeria in the Federal Government. This includes oil located within any land [...]
A joint venture is a business entity/ agreement entered into or created by two or more parties to accomplish a specific task or business goal while retaining their separate identities. There are varying reasons why companies create a joint venture agreement, it could be for the purpose of accessing a new emerging market; to gain [...]
