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The Petroleum Industry Act (PIA): One Year On- Impact, Challenges, And The Road Ahead
Subject area: Arts, Social Sciences and Humanities · Area of research: Oil and Gas
Abstract
Before the enactment of the Petroleum Industry Act (PIA), Nigeria?s oil and gas sector was governed by a patchwork of outdated and often inconsistent statutes like the Petroleum Act, Petroleum Profits Tax Act, Inland Basin Production Sharing Contract Act, Deep Offshore, and many more. Chief among them, the Petroleum Act of 1969, had long outlived its utility, failing to reflect modern industry practices or respond to the economic and social realities facing Nigeria. The resulting legal uncertainty and regulatory inefficiency hindered investment, reduced government revenue, and strained relations between host communities and oil companies.
How to cite this paper
@article{1708688,
author = {Oluwatumininu Odunuga},
title = {The Petroleum Industry Act (PIA): One Year On- Impact, Challenges, And The Road Ahead},
journal = {Iconic Research And Engineering Journals},
year = {2023},
volume = {6},
number = {8},
pages = {373-377},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1708688.pdf},
abstract = {Before the enactment of the Petroleum Industry Act (PIA), Nigeria?s oil and gas sector was governed by a patchwork of outdated and often inconsistent statutes like the Petroleum Act, Petroleum Profits Tax Act, Inland Basin Production Sharing Contract Act, Deep Offshore, and many more. Chief among them, the Petroleum Act of 1969, had long outlived its utility, failing to reflect modern industry practices or respond to the economic and social realities facing Nigeria. The resulting legal uncertainty and regulatory inefficiency hindered investment, reduced government revenue, and strained relations between host communities and oil companies.},
month = {February},
}