Petroleum Industry Bill Overview Series: Part 4: A summary of the new midstream and downstream licensing provisions

The Petroleum Industry Bill, 2020 (the “PIB”) requires the Midstream and Downstream Petroleum Regulatory Authority (the “Authority”) to grant, renew, modify, or extend licences or permits for downstream and midstream activities for oil and gas products, with the exception of the refinery licences which are still issued by the Minister of Petroleum Resources (the “Minister”) albeit through the Authority.