In a bid to promote stakeholder engagement in the oil & gas sector, Kenna Partners, a leading law firm in Nigeria, recently hosted stakeholders in the industry at an interactive executive breakfast session in Lagos.
Themed, “Emerging Issues Under the Petroleum Industry Act 2021,” the session served as a veritable platform for operators and regulators to share perspectives on the Act and chart a sustainable path for the industry.
In his opening remark, the firm’s Senior Partner, Prof. Fabian Ajogwu, SAN, commended the federal government for enacting the Petroleum Industry Act (PIA) after decades of calls for an updated legislation for Nigerian oil & gas industry.
He spoke about the innovations of the recently enacted PIA and how important it was to have a session where stakeholders and regulators in the industry can discuss the practical issues arising from the implementation of the novel Act.
According to Jo-Madugu: “the only way conclusive way forward is an amendment of the legislation or a judicial review. Pending either of these, directives by the President or a committee in the Senate, are arguably persuasive at best”.
On the part of the regulators, the Director at the National Oil and Gas Excellence Centre of the NUPRC, Abel Isa, elaborated on the duties and key focus areas of the commission.