Saturday, November 27, 2021

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FG scraps, DPR, PPPRA, PEF following passage of PIA

Following the passage of the Petroleum Industry Act (PIA), the Federal Government has officially scrapped the Department of Petroleum Resources (DPA), the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Petroleum Equalisation Fund (PEF).

Minister of State for Petroleum Resources, Timipre Sulva who announced this in Abuja, noted that their chief executives officers have also been relieved of their various appointments while the workers of the three agencies would be protected.

He explained that with the passage of the Petroleum Industry Act, the NPRA and NURC had taken over the functions of the DPR, PPPRA and PEF.

On what would become the fate of DPR following the inauguration of the board of NURC, Sylva said, “It is now a matter of law.

“The law states that all the assets and even the staff of the DPR are to be invested on the commission and also in the authority. So that means the DPR doesn’t exist anymore.

“And, of course, the law specifically repeals the DPR Act, the Petroleum Inspectorate Act, the Petroleum Equalisation Fund Act and the PPPRA Act. The law specifically repeals them. It is very clear that those agencies do not exist anymore.”

Regarding the chief executives and employees of DPR, PEF and PPPRA, the minister stated, “The law also provides for the staff and the jobs in those agencies to be protected.

“But I’m sure that that doesn’t cover, unfortunately, the chief executives, who were on political appointments.”

He stated that the process for aligning the workers of the defunct agencies with the new regulatory bodies had already commenced, as the staff had to be rationalised.

“The PIA provides for the upstream regulatory commission and the establishment of the midstream and downstream authority.

“So far, the chief executives of these agencies have not been in place, but of course, Mr President in his wisdom made the appointment a few weeks ago and they went through a rigorous process of confirmation at the National Assembly.

“The agencies have now taken off because they now have clear leadership and today’s event marks that beginning for the new agencies.”

Sylva further stated that with the passage of the PIA into law, after spending over 20 years in the process, the coast was now clear for investors to fully invest in Nigeria’s oil sector.

“Today, the PIA has clarified the legal framework around the sector and the agencies are now in place. So I don’t see anything now stopping investors from coming,” the minister stated.

He said competent hands were now handling the business, adding, “Nigerians should brace up for exponential growth in the oil and gas sector.”

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