The observable challenges in the Oil & Gas sector ranges from under recovery, crude theft, insecurity, high cost of production, very low LPG penetration, shut down of all four refineries, long contracting cycle among other challenges led to a Presidential retreat with the aim of addressing these challenges.
The Presidential retreat was held with all the Ministers. In the inauguration of his cabinet, Mr. President transmitted his priorities in the “Next Level” Agenda and his focus on performance against
these priorities. Mr. President made it clear at the Ministerial Retreat that “Oil and Gas remains critical to the Nigerian economy of today and the future. It remains key to the successful implementation of our budget at all levels
of Government”
The creation of the Ministry of Petroleum Resources was necessitated by the need to develop and implement sound policies that will serve as a back bone for the rapid development of the then burgeoning oil and gas sector. The Ministry
is saddled with the responsibility for the articulation, implementation and regulation of policies in the Oil and gas Sector. It also exercises supervisory role over the operators and stakeholders, to ensure compliance with all applicable
laws and regulations in the Oil and Gas.
Mandate:
“To formulate policies, supervise their implementation and regulate the Nigerian Oil and Gas (Energy) Industry.”
Mission:
“Ensure an enabling environment to improve the Oil and Gas value chain, driven by modern technology, industry, best practices, stakeholders’ engagement and innovations in alternative energy.”
Vision:
“We shall deliver a thriving Oil and Gas (Energy) Industry for Nigeria”
Department of Petroleum Resources
The Department of Petroleum Resources was established to provide effective regulatory oversight to ensure compliance with the provisions of all extant rules and regulations by the operators and licenses
in the oil and gas sector in Nigeria.
Nigerian Content Development and Monitoring Board
The Nigerian Content Development and Monitoring Board (NCDMB) was established by the Nigeria Oil and Gas Industry Development (NOGICD) Act, of 2010 responsible for: developing capacity of local supply
chain for efficient and effective service delivery without compromising Oil and Gas Industry standards and to implement and enforce the provisions of the NOGICD Act 2010.
Nigerian National Petroleum Corporation
The Nigerian National Petroleum Corporation (NNPC) was established on April 1, 1977 under the statutory degree No 33 of 1977 to act on behalf of the Government of Nigeria on matters relating to its interests
in the Nigerian Oil Industry. The Corporation was also given powers and operational interests in exploration activities, refining, petrochemicals and products transportation as well as marketing.
Nigerian Nuclear Regulatory Authority
The Nigerian Nuclear Regulatory Authority (NNRA) was established by the Nuclear Safety and Radiation Protection Act No. 19 of 1995, and empowered to ensure nuclear safety, security and safeguards and
to ensure the protection of life, health, property and the environment from the harmful effects of ionizing radiation, while allowing beneficial practices involving exposure to ionizing radiation.
Petroleum Equalization Fund (Management) Board
The Petroleum Equalization Fund (Management) Board Established in 1975, with the mandate of re-imbursement of petroleum marketing companies for any losses suffered by them arising from the sale of petroleum
products at uniform prices throughout Nigeria
Petroleum Product Pricing Regulatory Agency
The Petroleum Product Pricing Regulatory Agency (PPPRA) was established by an Act of National Assembly Parliament known as the “Petroleum Products Pricing Regulatory Agency (Establishment) Act” No. 8
of 2003, the Agency was set up primarily to ensure supply and distribution of petroleum products, determine prices, as well as maintain constant surveillance on all key indices relevant to pricing.
Petroleum Technology Development Fund
The Petroleum Technology Development Fund (PTDF) was established for the purposes of building capacities, capabilities and competences of Nigerian in the Petroleum industry.
Petroleum Training Institute
The PTI is mandated to provide competent technological manpower through quality training, consultancy and research for the Petroleum and Allied Industries through.
