An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward [version 2; peer review: 2 approved]
Background: The study examines the gaps in the provisions of the Petroleum Industry Act (PIA) that could hinder the effective application of the Act in attaining its objectives. The repealed Petroleum Act of 1969 became obsolete and largely incapable of meeting the emerging global best practices in...
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| Format: | Article |
| Language: | English |
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F1000 Research Ltd
2023-08-01
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| Series: | F1000Research |
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| Online Access: | https://f1000research.com/articles/12-551/v2 |
| _version_ | 1797731222093299712 |
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| author | David Oladeji Ehijie Borha Olusola Joshua Olujobi |
| author_facet | David Oladeji Ehijie Borha Olusola Joshua Olujobi |
| author_sort | David Oladeji Ehijie Borha |
| collection | DOAJ |
| description | Background: The study examines the gaps in the provisions of the Petroleum Industry Act (PIA) that could hinder the effective application of the Act in attaining its objectives. The repealed Petroleum Act of 1969 became obsolete and largely incapable of meeting the emerging global best practices in the industry due to inadequate sanctions, failure to address the aspirations of the people of the oil-bearing states, among others. Hence, the need for the PIA of 2021 to overhaul the industry to meet global standards though some controversial provisions that pose challenges to its proper implementation. Methods: The study examines the PIA to identify its prospects, challenges, and the way forward. The methodology the study utilises is doctrinal research with reports from existing literature and tertiary data sources such as newspapers, the Internet, and websites. Pertinent data collected from these sources were theoretically analysed and argued with current literature on the subject. Results: The finding is that the PIA does not make adequate provisions for the energy transition in line with Nigeria’s Nationally Determined Contributions (NDC) under the Paris agreement; the PIA was provided for weak institutions, which translates to weak implementation and enforcement of the law which further widening the gap between the law and reality. Conclusions: The study concluded that, although the Act delivered the much-needed stability in the petroleum industry in Nigeria, there is a need for an overhaul of the Act to further protect the interest of host communities and allow for co-ownership of petroleum resources by the state government. |
| first_indexed | 2024-03-12T11:55:41Z |
| format | Article |
| id | doaj.art-5f315e8ef18440da923cccd4c4fd04fb |
| institution | Directory Open Access Journal |
| issn | 2046-1402 |
| language | English |
| last_indexed | 2024-03-12T11:55:41Z |
| publishDate | 2023-08-01 |
| publisher | F1000 Research Ltd |
| record_format | Article |
| series | F1000Research |
| spelling | doaj.art-5f315e8ef18440da923cccd4c4fd04fb2023-08-31T00:00:00ZengF1000 Research LtdF1000Research2046-14022023-08-0112153263An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward [version 2; peer review: 2 approved]David Oladeji Ehijie Borha0Olusola Joshua Olujobi1https://orcid.org/0000-0002-1808-6338Department of Public and International Law, College of Law, Afe Babalola University, Ado Ekiti, Ekiti State, NigeriaDepartment of Public and International Law, College of Law, Afe Babalola University, Ado Ekiti, Ekiti State, NigeriaBackground: The study examines the gaps in the provisions of the Petroleum Industry Act (PIA) that could hinder the effective application of the Act in attaining its objectives. The repealed Petroleum Act of 1969 became obsolete and largely incapable of meeting the emerging global best practices in the industry due to inadequate sanctions, failure to address the aspirations of the people of the oil-bearing states, among others. Hence, the need for the PIA of 2021 to overhaul the industry to meet global standards though some controversial provisions that pose challenges to its proper implementation. Methods: The study examines the PIA to identify its prospects, challenges, and the way forward. The methodology the study utilises is doctrinal research with reports from existing literature and tertiary data sources such as newspapers, the Internet, and websites. Pertinent data collected from these sources were theoretically analysed and argued with current literature on the subject. Results: The finding is that the PIA does not make adequate provisions for the energy transition in line with Nigeria’s Nationally Determined Contributions (NDC) under the Paris agreement; the PIA was provided for weak institutions, which translates to weak implementation and enforcement of the law which further widening the gap between the law and reality. Conclusions: The study concluded that, although the Act delivered the much-needed stability in the petroleum industry in Nigeria, there is a need for an overhaul of the Act to further protect the interest of host communities and allow for co-ownership of petroleum resources by the state government.https://f1000research.com/articles/12-551/v2Petroleum Industry Oil and gas Petroleum Industry Act Prospects Challengeseng |
| spellingShingle | David Oladeji Ehijie Borha Olusola Joshua Olujobi An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward [version 2; peer review: 2 approved] F1000Research Petroleum Industry Oil and gas Petroleum Industry Act Prospects Challenges eng |
| title | An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward [version 2; peer review: 2 approved] |
| title_full | An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward [version 2; peer review: 2 approved] |
| title_fullStr | An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward [version 2; peer review: 2 approved] |
| title_full_unstemmed | An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward [version 2; peer review: 2 approved] |
| title_short | An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward [version 2; peer review: 2 approved] |
| title_sort | examination of the petroleum industry act 2021 prospects challenges and the way forward version 2 peer review 2 approved |
| topic | Petroleum Industry Oil and gas Petroleum Industry Act Prospects Challenges eng |
| url | https://f1000research.com/articles/12-551/v2 |
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