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The Petroleum Industry Act

Nigeria’s Petroleum Industry Act(PIA) 2021, which was recently signed into law, is one of the most audacious attempts to overhaul the petroleum sector in Nigeria.

The Act seeks to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry. Despite being a major source of revenue, the oil sector lags other sectors in terms of GDP contribution. If implemented diligently, the PIA will help facilitate Nigeria’s economic development by attracting and creating investment opportunities for local and international investors.

Nigeria is Africa’s largest market, with a young, growing and vibrant population. The population is forecast to grow by an average of 2.6% per annum (World Bank, 2020). This population growth is expected to fuel greater energy demand.

Access the The Petroleum Industry Act publication here

 

The PIA will have a wide ranging impact and will redefine the Nigerian oil and gas landscape.

This report shares insights on several key areas including:

  • General Overview and Implications
  • Energy transition and the future of energy
  • Upstream operations 
  • Marginal field operations and Local Content development
  • Midstream operations - Liquid oil / refining etc
  • Downstream and services
  • Implications for the gas sector
  • Host Community Relations, Sustainability and the Environment
  • Investments and competitiveness
  • Deals, Mergers and Acquisitions
  • Monetary and Fiscal implications
  • Banking, Finance and Insurance
  • Financial Reporting, Valuation and Audit
  • Transfer pricing
  • Transition and Implementation
  • Dispute Resolution

 

Contact us

Taiwo Oyedele

Taiwo Oyedele

Africa Tax and Legal Services Leader, PwC Nigeria

Tel: +234 (1) 271 1700

Pedro  Omontuemhen

Pedro Omontuemhen

Africa Oil and Gas Leader, PwC Nigeria

Tel: +234 1 271 1700

Cyril Azobu

Cyril Azobu

Partner & Advisory Leader, PwC Nigeria

Tel: +234 1 271 1700

Rukaiya El-Rufai

Rukaiya El-Rufai

Partner, PwC Nigeria

Tel: +234 (1) 27 11700

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