» Soc” AcTae | PETROLEUM INDUSTRY BILL 2010 = ABILL FOR AN ACT TO PROVIDE FOR THE ESTABLISHMENT. OF THE LEGAL AND REGULATORY FRAMEWORK, INSTITUTIONS AND REGULATORY AUTHORITIES FOR THE NIGERIAN PETROLEUM INDUSTRY; ESTABLISH GUIDELINES FOR THE OPERATION OF THE UPSTREAM AND DOWNSTREAM SECTORS. SB 236ve PART | ~ FUNDAMENTAL OBJECTIVES 1, Vesting ot ewnership of petroleum... 2 Objectives 3. Menagementof Petroleum Rescues... PART L = INSTITUTIONS a OMAPTER A. THE NATIONAL PETROLEUM COMMISSION 4. Establishment ofthe Natanal Petrtauen Comision wa 5, Poware ofthe Commeleion 6. Functions ofthe Commission. 7. Goverring Bozrd.., 8 Othe: Offers a the Commission. 8 Tenure, Jeniuneration and Conditions of Servia 10. Directors 11. Disqualiicaten., 12, Resignation of Director General or Director Romomee. 13. Remavel of rector General or Director tram affea 44. Vacancy. 18. Other Start 16. Tenute, Remuneration anc Conditons of Serves 17. Persians. 48. Financia! Provisions 19. Funding 20, Power to Avcept is. 21. Borrowing Powers. 22, Accounts end AUIS... 23, Annual egerts. 24. Enmpion fram tncerne Tan 25, Natcw 28. Sence of Notice. . CHAPTER @: THE NIGERIAN PETROLEUM NSPECTORATE. 27. Ratabisrmentof the Nigerian Pereteum repectorata 28, Oblectves of he ‘nspectarate a. 29. Funetions of he Inspectorate. 20. Powers afthe Inspectorate 18 1s 9 w 18 “0 “0 20 2 2 2 2 2% 2 25 a 28 2 0 30 a0‘Vacation of offic, Governing Bort ‘The Director General ‘Tenure, Remuneraiion and Conditions of Service of the Director General. Disqualifcaicn Vacancy of oie... Aopoinimant of a new Director General 3 Remunereton of MaMBers Of BOAPE a nnensunson 1 Soartary.n 4 Other staf ve Fe Remuerelon.. aa {5 Panalons... 43. Financial Provsions ofthe Inspectorate 8 Fundra 48, Powerte Accept Gis... ie + Borrowing Powers. WAnouel Budget. tAacount and Au. 1B, Mideear one Annuel Reports... 2 Resutvtions on Legal Proseodings.. . AL Sandee of Documents 2 Sposiel Powore . 3. Special Unis. 4 Diss of he Special Units 5. Powter of Search and Avrest with Warart.. 2. Inderunty of Governing Boars and Empayess... 7. Power ta Resolve Disputes. 3. Nolteatlon of isput 3. Retolion of Bispites 2 Register af Decisions, 1. Enforcement of Dest eseanen seven h 290c1 THE PETROLEUM FRODUGTS REGULATORY AUTHORITY. 1, Establishment and Soaps ofthe Author, |. actives of the Autharty.. 7 2 38 38 8 38 38 80 39 40 46 a 2 a2 aft a2 az 43 are 2 ry 4 5 45 48 eo A AT a wo a