Section 3 Petroleum Industry Act
Section 3 Petroleum Industry Act 2021 is about Powers of the Minister. It is under Part II (Minister of Petroleum) of Chapter 1 (Governance and Institutions) of the Act.
(1)—–The Minister shall-
(a) formulate, monitor and administer government policy in the petroleum industry;
(b) exercise general supervision over the affairs and operations of the petroleum industry in accordance with the provisions of this Act;
(c) report developments in the petroleum industry to the government;
(d) represent Nigeria at international organisations on petroleum matters;
(e) promote an enabling environment for investment in the Nigerian petroleum industry;
(f) negotiate treaties or other international agreements on matters pertaining to petroleum on behalf of the Government;
(g) upon the recommendation of the Commission, grant petroleum prospecting licences and petroleum mining leases through the processes established in this Act;
(h) upon the recommendation of the Commission and pursuant to the provisions of this Act and the regulations, revoke and assign interests in petroleum prospecting licences and petroleum mining leases;
(i) delegate in writing to the Chief Executive of the Commission or Authority any power conferred on the Minister by or under this-Act;
(i) upon the recommendation of the Commission or Authority approve the fees for services rendered by the Commission or Authority in regulations; and
(k) upon the recommendation of the Commission or the Authority, direct in writing the suspension of petroleum operations in any area-
(i) untiI arrangements to prevent danger to Iife or property have been made to his satisfaction, or
(ii) where in his opinion, a contravention of this Act or any regulation made under this Act has occurred or is likely to occur.
(2) The Minister may order a cutback of the levels of crude oil or condensate production in the context of international oil pricing agreements supported by Nigeria.
(3) The Minister shall have rights of pre-emption of petroleum and petroleum products marketed under any licence or lease in the event of a national emergency under the First Schedule to this Act.
(4) The Minister sha 11 give general po! icy directives to the Commission on matters concerning upstream petroleum operations and to the Authorir; on matters relating to midstream and downstream petroleum operations as well as matters related to co-operation among the two entities in line with the provisions of this Act and the Commission and the Authority shall comply with such directives.
(5) The Minister shall cause the general policy directives issued under subsection (4) to be published in the Federal Government Gazette.
