The Federal Government plans to set up Nigerian Midstream and Downstream Petroleum Regulatory Authority to regulate operators in the midstream and downstream oil industry, under the new Petroleum Industry Bill (PIB).

The News Agency of Nigeria (NAN) reports that the new PIB is currently before the National Assembly for consideration.

NAN reports that the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Petroleum Equalisation Fund (PEF) are currently the regulators of the downstream oil and gas sector.

The Department of Petroleum Resources (DPR) also regulates the activities in the upstream and the downstream sector.

The Minister of State for Petroleum Resources, Chief Timipre Sylva had on September 3, announced that PEF and PPPRA would be merged to form a new regulatory body called the “Authority”.

This, he said, would help to harmonise activities in the downstream for efficiency in service delivery to Nigerians.

According to the copy of the new bill obtained by NAN, the Authority will have the power to acquire, hold and dispose of property, sue and be sued on its own name.

“The Authority shall be responsible for the technical and commercial regulation of the midstream and the downstream petroleum operations in the petroleum industry,” it said.

It said that the Authority would focus on regulating the midstream and downstream technical, operational and commercial activities.