Critical Considerations for the Implementation of Domestic Crude Supply Obligations under the PIA.
March, 2024 - Lagos State, Nigeria
The Energy and Natural Resources Practice Group at AELEX is pleased to invite you to its webinar billed to discuss “critical considerations for the implementation of domestic crude supply obligations under the PIA”. Date: Thursday, March 28, 2024Time:11.00am to 12.30pm (GMT +1)Click the link https://lnkd.in/dzUiK5wS to register. Attendance is free but registration is required.With the aim to provide a forum for both regulator and industry perspectives, we are pleased to have a distinguished panel of experts to deliver thought-provoking and insightful discussions, especially on critical commercial issues that will arise from the implementation of the NUPRC’s Production Curtailment and Domestic Crude Oil Supply Obligation Regulation 2023.
Speakers include:1. Sina Sipasi (Partner, Energy and Natural Resources, AELEX) – Moderator2. Kingston Ezeugo Chikwendu (Director, Head of Licensing and Regulations, NUPRC) – Panelist3. Yemi Osinubi, CFA – (Group CFO of Levene Energy Group) - Panelist One of the innovations introduced by the Petroleum Industry Act 2021 (the “PIA”) is the Domestic Crude Supply Obligations (DCSO), the objective of which is to provide general rules for the utilization of produced petroleum in relation to export and domestic supply in Nigeria. To implement the relevant sections of the PIA, the Nigerian Upstream Petroleum Regulatory Commission (the “NUPRC”) issued the Production Curtailment and Domestic Crude Oil Supply Obligation Regulation 2023 (the “Regulations”). The Regulations design a collaborative approach between the upstream regulator and the midstream regulator to measure the domestic demand for feedstock, identify shortage of supply and then facilitate the execution of bilateral contracts to address the shortage on a willing buyer, willing seller basis. Domestic supply to holders of Crude Oil Refining Licenses will be prioritized over export of crude oil and such allocation may be paid for in US dollars or Naira.While the Regulations describe in detail how this arrangement is expected to work, there are critical commercial issues that will arise from the implementation. The goal of this Webinar is to provide a forum to discuss these issues from both the Regulator’s point of view and also from the industry perspective.Please register with the link https://lnkd.in/dzUiK5wS and share with your network .For more information about this webinar and the Energy and Natural Resources Practice at AELEX, please send an email to [email protected].
