The Petroleum Industry Act 2021 (the Act) is an Act that provides a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry. The Act which was recently signed into law is divided into five chapters comprising of 319 sections and eight schedules.

The Chapters make provisions for governance and institutions, administration of the industry, host communities, fiscal and miscellaneous matters. The Schedules deal withs rights of pre-emption; incorporated joint ventures, domestic base price, and pricing framework; pricing formula for gas-based industries; capital allowances; production allowances and cost price ration limit; petroleum fees, rents, and royalty; and creation of the ministry of petroleum incorporated.

This piece highlights some of the key provisions of the law that participants in the industry and the general public need to know.
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