The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has said another set of draft regulations on Nigeria Upstream Petroleum Host Community Development Trust regulations had been gazetted.

The Nigeria Upstream Petroleum Host Community Development Trust regulations was among the six draft regulations presented for discussion during the first phase of the commission’s consultations with stakeholders earlier in April.

The Chief Executive Officer, NUPRC, Gbenga Komolafe, who made this known at the second phase of consultation with stakeholders on draft regulations, said it was part of the Commission’s efforts towards ensuring an enabling environment for growth and investments in the upstream oil and gas industry.

Komolafe said the outstanding five regulations- Royalty Regulations; Domestic Gas Delivery Obligation Regulations; Nigeria Conversion & Renewal (Licence and Lease} Regulations; Petroleum Licensing Round Regulations; Upstream Petroleum Fees and Rents Regulations have been finalised and ready for gazetting.

He added that the commission would continue to ensure that key policies and regulations necessitated by the Petroleum Industry Act, PIA, are developed and gazetted timely so that the industry operators can align their operations with the PIA provisions as quickly as possible.