On August 16, 2021, the much awaited Petroleum Industry Act (PIA or the Act) 2021 was finally signed into law by President Muhammadu Buhari.
It introduces various changes to the administrative, regulatory and fiscal framework of the Nigerian Oil and Gas Industry, in a bid to infuse transparency, strengthen the relevant governing institutions and encourage investor confidence — alongside other key objectives.
In this publication, we provide a broad overview of the PIA and highlight notable changes to the regulatory, administrative and fiscal regime, and the impact on stakeholders
