REGULATORY FRAMEWORK IN THE NIGERIAN PETROLEUM INDUSTRY (UPSTREAM SECTOR)
The Nigerian petroleum industry is divided into three sectors: upstream, midstream, and downstream, with numerous participants and regulatory bodies involved throughout the value chain. The upstream activities encompass the exploration, development, and extraction of crude oil and natural gas reserves. This process involves drilling wells for oil and gas, setting up the necessary infrastructure for resource extraction and overseeing the production process.
This article will provide a brief overview of the regulatory framework (Regulations and Regulatory bodies) along with the key compliance requirements within the upstream petroleum sector.