An Overview of the Exposure Draft Midstream and Downstream Remediation Fund Regulations 2022

Contributions to the Fund will be made by licensees conducting midstream and downstream petroleum operations, while the Authority will manage the Fund. Regulatory measures, such as competitive bidding, have been put in place to ensure the proper management and judicious dispensation of the Fund.

This commentary analyses the key provisions of the Regulation, the structure and scope of monetary contributions to the Fund, as well as its significant impacts on midstream and downstream petroleum operations in Nigeria.