Section 8 Petroleum Industry Act 2021

Section 8 Petroleum Industry Act 2021 is about Commercial regulatory functions of the Commission. It is under Part III (The Commission) of Chapter 1 (Governance and Institutions) of the Act.

The commercial regulatory functions of the Commission shall be to-
(a) review and approve the commercial aspects of field development plans in the upstream petroleum operations;

(b) develop cost studies and benchmarks for the evaluation of upstream petroleum operations taking into account petroleum industry specific issues, including field size, reservoir depth, location of operations, technology applied, production methods and petroleum quality;

(c) allocate petroleum production quotas for the purpose of curtailing export of petroleum in conjunction with NNPC Limited pursuant to regulations; and

(d) where in situ facilities or fixed or floating platforms or vessels provide for fully integrated upstream and midstream petroleum operations, the Commission shall consider and the Commission shall be in charge of such integrated operations and petroleum operations may be considered integrated where there is a joint use of utilities used exclusively for the upstream and midstream operations.