Key Highlights of the Petroleum Industry Act 2021

The Petroleum Industry Act (Act) was finally signed into law on the 16th of August 2021 by President Muhammadu Buhari, the President of the Federal Republic of Nigeria. The passage of the Act after almost 20 years in the making is a significant milestone for the petroleum industry in Nigeria. The Act which contains 5 Chapters, 319 Sections, and 8 Schedules provides a legal, governance, administrative, regulatory, and fiscal framework for the Nigerian petroleum industry and the development of host communities. In this article, we shall be looking at some of the key highlights of the Act.