The Petroleum Industry Act, 2021 (“PIA”) was signed into law by President Muhammadu Buhari, on the 16th day of August 2021 with a commencement or effective date of the same day (the “Effective Date”). The PIA contains innovative provisions that are geared towards restructuring the institutional, regulatory and fiscal frameworks of the Nigerian oil and gas industry. It also imposes timelines for the achievement of certain reformative targets in the law which will give full effect to the provisions of the PIA.

The purpose of this article is to highlight these timelines as they apply to regulators, investors, licensees, lessees and other stakeholders in the petroleum industry to guide compliance.

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