The Federal Government has inaugurated the Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission, successors to the scrapped DPR, PPPRA, and PEF.
The inauguration of the Authority and the Commission are key steps towards the actualization of the Regulatory framework as provided for in the Petroleum Industry Act, which is expected to ensure best practices in Nigeria’s Oil & Gas sector.
Minister of State for Petroleum Resources, Timipre Sylva, who chaired the inauguration gave assurance of job security for employees of the agencies.
“That the DPR, as it was then, must be wound down and two successor agencies are to be inaugurated. And, of course, I had to step down as chairman of NNPC. It is all because this is what the law states.
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“But I want to assure you that the staff has nothing to worry about because the law is very clear also on the position of the staff of DPR, PEF, and PPPRA.”
The liabilities of the old agencies have been passed onto the new entities
(Editor: Oloyede Oworu)
