Scribd Logo
Upload

Welcome to Scribd!

  • Petroleum Industry Act 2021 Final

    Uploaded by

    Alexander George
    15 views253 pages

    Original Title

    Petroleum Industry Act 2021 Final Copy

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    15 views253 pages

    Petroleum Industry Act 2021 Final

    Uploaded by

    Alexander George

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 253
    PETROLEUM INDUSTRY ACY, 2021 EXPLANATORY MEMORANDUM. ‘This Act provides legal, governance, egulstory and sal ame Fr the Nigerian pewoleum Industry and the development of hos commits, 16, PETROLEUM INDUSTRY ACT, 2021 Arrangement of Sections Section: CHAPTER |— GOVERNANCE AND INSTITUTIONS PARTE VESTING AND OBJECTIVES ‘Veaing of pecieum Objectives PART I~ MENISTER OF PETROLEUM Paves of te Minster PARTI THe COMMISSION Eublisinent of the Nigein Upset Regultory Commission, Appleton ofthis Pe Offetves of th Coniston, ‘Techical ela function of he Corson Commeril egulaoryfneton of he Corson Functions of he Connstion fo ote basis Power of te Commission, Governing Bsr ofthe Commision, Functions ofthe Bowd ofthe Commision Remuneration nd allownecs fhe Board ofthe Commision Stepenson or emotal of wembar of the Boal of he Common. Reatuton ofa Non Easetive Gonmistoe ‘Vacancy onthe Boa ofthe Commision Filing af vacancy on he Baad ofthe Cason, Coniston Chit Excetv aod Exec Commissioners Enployee of he Connsion "Ferns tnd condtion of sevice io he Commision Remuneration and allowances of employes of te Commision. Stsomet of estate come ae apenas the Commi, Seca tothe Commision Find ofthe Commision, ate othe Commision Spel power the Cision Spell Investigation Uni {nen afoffias ofthe Common. PARTIV- THE AUTHORITY Exublshnent ofthe Nigerian MKszeum and Downstream Pele Regltory Aut Apnlcalon of is Pa eae bfetves ofthe Atthoriy Function of te Auton, Rogulations by be Autor. Goreng Bord of te Auhoriy Fenton ofthe Dou othe Author Remuneration od allowances of members ofthe Boar of he Author Sspenson or emoval of nebo ofthe Bou ete Atl Resignation cfs notrexeouve mere ofthe Board of te Autry ‘Vacate on the Boa ofthe Autor. Filing of wecney oh Boudoftre Auoiy 41 2. 2. 46 a 4 *. 50. 81 2 33. 6 ss 56. 37, 5s. 59. 0 61. o oa 65 6%, a 68 6. 10. 1 n 3 7 15 16. in ™ Bp. 20. &L 82 rs 6 is ‘Aathoity Chief Executive and Executive Directors ofthe Autbodgy. Employees ofthe Authors. “Terms and conitions of serve inthe Authority ‘Remuneration and allowances of employes ofthe Author. Sialement of estimated income uns expendline of the Aahorty Seoretay tothe Authority Fund ofthe Authoriy. ‘Notes tthe Authority, Special powers of the Author. Special lnvestization Unit Indemnity of oficers ofthe Authority. ‘The Midsceam and Downstream Gas Inastactre Fund, PART VoTILE NIGERIAN NATIONAL. PETROLEUM COMPANY LIMITED Nigerian National Petroleum Compeny Timed ‘Trauser of esas ad Lables, Appointment of NNPC Limited a agent of NNEC. Subsistence of guarantee ‘Transfer of employees and conditions of service ‘The Board oF NNPC Limited. Composition af the Board af NNPC Limited Commies ofthe Board of NNPC Lied Application of princinle of corporate governance ‘nal aust of NNPC Limited. Responsibilities ofthe Board of NPC Limited Objectives of NNPC Limited. Esialisiment of incorporated joint venture compares. CHAPTER 2-ADMINISTRATION PART I- GENERAL ADMINISTRATION Objectives Maagement of petroleum resources, FART I-ADMINISTRATION UP UPSIKEAM PEIRULEUM OPERATIONS AND ENVIRONMENT. ‘Administration af acreage and vesting of dts, ‘Navona gd system Licences snd lass, Petroleum exploration licence Petroleum prospecting liesnss, Bidding process. Award proses Licensing round guiatines, ‘Mosel ence ard model ese. ‘rational are of petoleur prospecting Hones ‘Work commitment, commercial discovery and significa as discovery CCommerial discovery and feld developmen plan, Unitiation Petroleum enining leases, Exclusive ria to covet operations CCoarientay Power to ener into comets, Model contacts a7 332 53. 95. 96 97 8 9, 100. wo io. 108, 108. 105 108 7 os, 108. uo. Duration and renewal of leases and ences CConlitions for renewal of peceieum mining leases. Rolinguishrect. ‘Surrender of licence o lease Rights. of wy relating to upsiream petoleum operations. Rights of wey reserved forthe Commission. Voluntary conversion ofan il prospecting licence toa petroleum prospecting loess co mining ease to pelea mining lease ‘elinguishaent pan renewal er conversion of en ll ning ese Macgina ld [Assignments mezges, transfers and aegusitons. ‘Grounds foe revocation of lisence or lease Notive of deft roe wo evoration, ‘Administration of revoked producing lease. Power af revocation of pmicipating ar shareholders ineest. evs royalties, rents and ober payments Govern. Damage to protested and venerated objects, Environmental manager. Financial contribution fr semediation of environment] damage ‘Gas faring penalties. Prohibition of arng or venting of atura gs. ‘Measurement of lated natural gs. Exemption "Natural gs are eliination lan. Domests ere i supply obligations Domestic gus dives obligations. PART Ill — GENERAL ADMINISTRATION OF MIDSTREAM AND DOWNSTREAM. PETROLEUM OPERATIONS ‘Mattrs eating to licence appictions. Advertizement of cence appicsions. Licensing regulations Conditions ia Heencss or permis Compensation for aquisition of and General nor aissrminaton provisions. Assigument or transfer of licence or peri ‘Sspenson and amendment of conditions in a Heence or pest ‘Surrender of leone o pei ‘Grounds forthe revoation of cence ce pari [Notiog of def prior 1 evocation ‘Tesi principe. “Toriff methodology Approval and publication of charging structures. PART IV — ADMINISTRATION OF MIDSTREAM. AND POWNS' OPERATIONS ‘Activites requiring a sence for midstream and downstream ea operations. ‘Specie epvitions for midsirews and dosrnseam gus operations. Right of way rating to midstream and dowrsiteam gus operations Surface rights reserved forte Authority clang Io widseam and dovensteam av operations, (Geant of gas preessing licence. cas se 160. 11 12. 16, 166 165 166 1st 1s 18. 170 11. v8 14, 175 General dais ofthe holder of ges processing licence CCondtionsapolcabe toa gas processing loses Grane of bk gas storage licence. General dais of bulk gas sorage licensee CConlions applicable tow balk ga storage licence, Grant of ges trasporation pipeline licens. Goucral duties of transportation pipeline owner. Conditions applicable toa gas transportation pipeline licence, ‘Geant of gus ransparation newer operator lisence General dates of gs trmsportation neirock operator. Powers of trnspotition network operator. Conditions eppesble oa gas tressprtton network opeatr licence. Gaunt ofe wholesale gas supply Tcence. Gonoral duties of a wholesale gas suplis. Rights of a wholesale en spec. (Conditions applicable oa wholesale es supply licence Gren of ret pas suppy licence. General duties of gas rete ‘Gretof gas csrbutionHicence. ‘Genaral dation ofa ga distributor, Right of the gas disvibucr, Conditions aplicable wo agus distbuton Ticece |Areengernents for gu distribution, Domestic was aggregation licence. Funetians ofthe domes is gare gator Establishment ofthe egaregatc, (es purchase orders ries conditions of gss purchase orders. Wholesale customers. ‘Trading an seldement of wholesale as Ges network code. ‘Acces elated o mgsveam and downstream gas operons. Contions for the provision of open acess in elution wo as operations. Disputes in relation to access. CCostorer protection. Provision of sevice vo customers ‘Transfer of customers. [Natural gas price forthe seg sectors and gos sites ‘Gos hase induses eas pice. Power to regulate and review prices Pricing pitlpes in elation wo ge. Pblie sevice abligtions related te policy issues, Publi service ov Domestic gos demtnd rquiement. PART V — ADMINISTRATION OF MIDSTREAM AND DOWNSTREAM PETROLEUM LIQUIDS OPERATIONS, ‘Activities requiring licence fr midsuear and downsreas petroleum liguide opens. Special regulation for midstream and dewnstes penne igus operations 09, 210, aut 212, 213, ais 2s. 216, 217, Rights of ay relating to midstream and dotstream petroleum liquids operations. Surface rights reserves forthe Authority for midsueam and downstream petroleum lguics ‘opexitions Peleus liquids midstream network code. ‘hind pry eocess relating to midercem and downstream petolewe igus pecans Conditions forthe provision of open access in elation to petrsleum quis eperations, [Noon step stocks. Operating soo Giant of erode il refining anes ‘General duties ofa erude cl refines. ‘coats ight CContonsaplisabe to a crue il refining licence, Grant of but pelea guide storage Fcenc. General des of bulk storage Heensee Conditions pliable oa bulk petroleum liquids storage cence. ‘Grae of petoeum liquids transportation pipeline osace General dies oF peteoleum igs trensporation pipeline owner. CCondons aolicable toa petolum igs transportation pipeline cence Grant of petoeam iid rnspodtion netork operator Hence. General duties of petroleum liquids transportation network operat. Pons ofa petroleam liquid ransporion nerwork operator Conditions apficable toa perolews igus tansporaton network operator licence. ‘Gran: of wholesale petroleum lguis suply licence (General dues of wholesale potrooumn lauds sel. Rights of wholesste peoleum liquids suppie. Conditions epleable toa whotesle petroleum Squid supply licence {Grant of lisence fo disribution of petroleum products. ‘General ties of petroleum product dsibace Grant of a lcence to construct and opeave a facili for res supply and éitrbution oF peteleum preducts Grant of ence fo consrut and operate fait for the proton of perachenicas Pricing rime snd power co regulate tari ‘Wholesale pries for petroleum prods. rising pinsples in olstion fo potoleum product. Publication of ies PART VI — OTHER MATTERS RELATED TO MIDSTREAM AND DOWNSTREAM (OPERATIONS Pale eevicnabigtinns ‘Competion and market regulation, Power to prevent an-compettive behavior. ‘Separation of cena isencet ois, "Non diserminon among eustomers, Consideration for excroise ofthe Auer powers. Power to sere notin, issue "oese and desist order. PART VII — COMMON PROVISIONS FOR UPSTREAM, MIDSTREAM AND DOWNSTREAM PETROLEUM OPERATIONS, ‘Consultation fr reglations ‘Contavention and enorcemene of conditions of eases, izensesor permits where # appears 236 257 258, 259, “Mandatory restraton. Register af ences, promis and authorisations. Preparation of leases, Hicences, permits and authorisations, Effective date nd authentication of licences, perits and auborssins, Repiter of memorials and intrest. Effet af registration Publis access tothe registry. Raciaetve mates. Defiolt approves Disclosure of confidential or otter information, Offences. Perales efi to funish, atu cr supply information, Power to isu adminitaive ponies. Abandonment, devommissioning and disposal, Decommissioning sd abandonment fund (CHAPTER 3 — HOST COMMUNITIES DEVELOPMENT ‘Onjecives end egustions Incorporation of hast communises development rusts “Timefiaine for inenrporaion of host communities development tut “Transfer of seers inarest and obligaons subject host communities develogment trast obligation, Fire to incoporae host communities development sus ‘Objeoives of host communities development ust Sources offing for petioleum hast caramunites development ts ‘Matters on which the funds may be ulised, ‘The Bourd of Tustees, composition and management. ties and function ofthe Boa of Tastes Allocation of finds Matis for azseouton of eas find, ‘Engagement of fund managers ‘Managerient commitze, composition end powers. Daties and functions ofthe management commie Host communities advisory commtee and compastion. Duties and functions of the hoe commits aso commits. Hos commis neadsasessment. Host communities development pan. Financial yer ofthe host communis deslopment cust ‘Accounts and aust ‘Mid-year and annual reports. empion fom income ee Delusion af payment for peoleum st communtty development (CHAPTER 4 ~ PETROLEUM INDUSTRY FISCAL FRAMEWORK, PARTI — OBIECTIVES AND ADMINISTRATION Objectives Administration, PART It — HYDROCARBON TAX Aplicain of this Ps, 261 282, 265. 264, 265. 266. 267, 268, 270, 2am, 2m, 23, on, 275, 216, am, 278, 20, 240, 281 242, 283, 2e4, 286, a7, 238, 288, 290, 2. 292, 293, 28 20s, 206. 291, 298, 299, 300, ol (Charge of hydrocarbon tax Ascerianment of erude ol revene,ajusted profi assessable profs and chargeable profits “Allowable deductions eedvetions ntl Assessable profits and loses ‘Chargeable profits ant allowances PART Il ASCERTAINMENT OF CHARGEABLE TAX (Chargeable tex. Adicio chargeable tax payable in corti clrounstanees. PART IV — ASCERTAINMENT OF CHARGEABLE PROFITS AND CONSOLIDATION FOR TAX PURPOSES, ‘Antica uansactions, Pre-production cost ‘Trade ce busines sold or wansTere Consolidation of costs ad waxes, PART V — PERSONS CHARGEABLE Partnerships ‘Company wound wp. Avoidance by taster Inderaniaton of representative. PART VI— APPLICABILITY, ACCOUNTS AND PARTICULARS Preparation and delivery of accounts nd perclars Power ofthe service egies futher information, Power to el for eur ad books Reruns of eat tn, Extension of period for making retums Assessment of x payable ‘Adaitional assessments, ‘Making of assessments. Notices of ascsmnent Errors and defects i assessment an tice. ‘Tax computatcn. PART Vil — APPEALS Appeals o Tax Appeal Tebuotl ‘assesment to be finland eanelusive PART Vill — COLLDCTION, RECOVERY AND REPAYMENT OF TAX Procedure in ents where bjetion or appeals ponding “Time within which payment isto Be mace Penalty for non-payment of ex and enforcement of payment, Colleton a ix aor determination of ebjestono° app. Suitfor a bythe service. Relief in espectofeor or mistake. Repayment of tx PART IX— OFFENCES AND PENALTIES Penaly for defaults Penalty for aking incomest accounts, False tatemons and ers, Penalis for offences by authorised cr unautorised persons Tix to be payable notwithstanding any proceedings for penis. 30 303 304, 30s 306, 307, 4308, 300, 30. 3 siz 3, ate ais. 316, a0. 38 319, PART X — APPLICATION OF COMPANIES INCOME TAX TO PETROLEUM OPERATIONS Gener eqns campanes egg in peck opaons py ompae ee PART Xi — GENERAL PROVISIONS ‘General applization of his Part and other maters Regulations, rules and forms. Foal tbiliation Royal (CHAPTER $ —~ MISCELLANEOUS PROVISIONS gal procoedings. Preston notes, Consequential amendments Repeal Saving provisions “Transfer of assets and ibility othe Commission “Transfer of asst ad Habit othe Author ‘Transfer of employees ad candions of sevice Movement of sar the inatittions “Tams of xising hos communis development pets aos conmnes dvelpet “Tamsticna and savings provisions. Inverpretation Citeton. Schedules PETROLBUMINDUSTRY ACT, 2021 AB For [An Act fo provide legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry the development of host communities; and for related matters. f 1 Cooma -Evacre bythe National Asombiyofthe Fecal Republic of Nipeia ‘CHAPTER 1 GOVERNANCE AND INSTITUTIONS PART | —VESTING AND OBJECTIVES 1. The propery and oumerelp oF pocleum within Nigeria and i torial waters, vate putan. continental shelf and exchsive cooromic zone is vested ip the Goverment ofthe Fodoration of Nigeria 2. The objectives ofthis Chaptor are to oan (a) crete efficient and effetve goveening institutions, with clear ‘nd separate roles forthe petroleum industy: (b) establish « framework Zor she creation of @ commercially ‘oriented and proit-rver national petroleum company, {e) promote wansporney. goed governance an accountability in the adnnistation ofthe petoleum reouress of Nigeria (@) fower 9 business environment conducive for pevoleum ‘opersionsj and (6) deepen local content practice in Nigeria oil and ans industry. PART Il MINISTER OF PETROLEUM 3. (0) The Minis shall « ancl teh (@) formulate, monitar and sdministr government polly inthe petoleum indy: () exercise general supervision over the afiirsand apeatons of the peseolem indy in accordance wih th provisions of his Ast (© report developmen in the petoeum industry 10 the government, {) represent Nigcia at ietomational organisations on petroleum (ey promote an enabling environmen fer iavestmca inthe Nigerian eto dusty (f) vogotat weaties or other intentional agreements ca matters pertaining to petroleum on behalf ofthe Government; (4) vpon the recommendation af the Commission, gran petroleum prospecting licens and petroleum mining leases through the processes essed inthis Act, (t) apon the recommendation ofthe Commission and pursuant to the provisions ofthis Astand the regulations, revoke and assign interests in potoleun prospecting licences and petroleum ining leases; i Aetogne in writing othe Chie Executive of tbe Commission ce “Authority any power conferred onthe Minsteby’ er under this act © upon the recommendation cf the Commission or Authorliy nqrove she fovs for services rendered by the Commision or ‘Ausiy in regulations; snd (upon the recommendation of the Commision or the Authority, leo in writing the suspension of petroleum operations in any (@ unt arrangements to preven danger life or property ‘hve been made to his susfacton, or (i) whaze in hs opinin, a contravention ofthis Actor any regulation made under his Aet has ceoured o likely (2) The Minister may ondera cutback ofthe levels of eri il or condensate production inthe context of teratoma ol pricing agreements supoored by Nigeria, (3) The Miniter shall hove rghts of pre-emysion of pevoleum and pevoleum produc marketed under any feene o lets in the event of a national emergency under the Fst Schedule this Act. () The Minister sali give geneal poly dteeives to the Commission on matters ‘concerning upsteam pevaleum operations ato the Authority on matters elaing| ‘omidsteam and dewastears petroleum operations as well str elated 0 o- opertion among the ve entities in tine wih te provslons of this Act and the (Coraission and the Authority shall comply wit such crestives (5) The Minister sal cause the gener policy dietives issued dr substi (2) 19 ‘be published inthe Federal Government Gaze PART Ill —THE COMMISSION 4. (0) There is eseblished the Nigerian Upseam Petroleum Regulatory Commission (io ‘his Act refered to as he Commission”) which shall bea body corporate with perpetual susesson and # common seal (2) The Commission shall have the powor to sequie, hold and dispose of propery, sve ‘and he sed in its own name, {@) The Commission shal be responsible er the technical and commercial regulation oF ‘upstsam petroleum operations. 5, The objects and functions of the Commission in tis Patt are limited vo upstream petoleum operations. (6. The objectives ofthe Commission shall be to — (@) regulate upsttenm petroleum eperation inluding cecheial, ‘operational and coramercial activities; (©) ensue compliance with all applicable Inws end egilatons governing upsveem potoleum operation: (©)ensure that wpsteam petroleum operations are cried out ina ‘anno to minimis waste and shieve opal govrsncat revenses, 4) promote heathy, safe, efficient and effective conduct of Upsram “petoisum operations in an enviconmentally aceeptsbleand sustulachle manner; (© ensure efficien, n, effective and sustains Infastvel “evelopment of upsrenm ptoeusn operatic (9 determine, edminister and ensure the implomenstion and maimenance of techies! stncaris, codes, practies and specifications applicable 1 upsieam pelea operations pursuant to good intretionalpetoleum industy practices; ]) implement government policies for upstream petroleum operations os directed by tho Miniser of Paleuny in secolance with the provisions f tis Act Entiat argent (2) promote an enabling environment fr investment in upsteat: eto operations; (@ ensure act implmctution of environmental pois, laws ‘and regulations for ypsneam petroleum operations; 6) ensure the ienplementation of national policies for wpsresm ‘penoleum operations: snd (9 implement such other policies and objectives as are consistent with te provisions of this At 7. The echricalrgultoy functions ofthe Cormisson incl o ~ oe (@) cnfows, administer and implement laws, regulations and coon” policies relating to upetream perleum apeations, (©) ensure complince with applisblensiona and intemationl eoleum iodusty poles, standards snd practioes fer ‘upsveam peoleum operations; (© establish, moniter, regulate and enforce health, sefty end snvironmental measures and standards relating o upstream euoleum operons ilu (0 management of peoleum reserves an installations and (0) exploration, development and production acts within the onshore, font, sallow water and deep fii weeapes of Niger, @ administer, monitor and enforce compliznce with the tems nd conditions of leases nd liences granted ard permis and authorisations issued to & company’ ix respect of upsteam, pewoleum operations: (@) et, define and enforce pproved standards and regulations for desig, constuction, Ebiction, operation and maintenance fof plants, installations and facts used of to be used "upsream peroleun operations ieluding — (6) crude ot end natal gas evaluation and managemet, (8) upaoam patra gas gathering i) gas tetment, and (Gy) he elimination of natural gas sing snd venting: (1) kes public registers of — 0 fcances and eases granted by the Minster and penis lan her sthorntons aust by the Commission, (i) beneiiel ownership, and (Gy award, renewal, assignment, amendment, suspension ‘and revoction {e) cary out enguiies, tests, suits or investigations and ake ther step to monitor te avis a heanses,lessos or permit holders (ty establish and enforce standards relating upaream pete ‘perations; {f)undartcke evaluation of rational reserves and develop polis fr pent reservoir management practices; (0 rosin 9 Nigvin petroleum indasry data bank comprising ‘of materials, information apd dat acquired hy, or submited ‘9, the Commission in the exercise of is statutory amd replay functions, (ke) oui lessees, oensees and pormit holders to Fumish and ‘oblish specified information lating te upseam petroleum fpecaions In this Act and the Nations! Datn Reposiory ‘Regulation, 2020; ) supevise aud nuts accurate calibration and cetfication of ‘equipment used for mecring upstream pirlcum operations, Darsuan to sppicable favs, and issue cette of qualiy and quantity for pettoleum produced; (cx) publish reports and stasties on upstream petroleum ‘operations to promt the grow of th perleum industry, (6) advise the Minster on fiscal, operations, esha and other ‘nates to ence the wpsueam pelesn upezaios (6) issue penmits and ober authorisations as may be nesesary ‘under a upstream cence or leas, inching (i ses operations, (0 aitng operations, and ld) sign, constuction and operation of fits for pars pee operations, (j) establish special laborstovis to provide data storage and resting, quality assurance end cetfication for upstceam pettoleun operations; (@) perform technical eveluation and assessments reguding submissions made tothe Commission by lenses, esoes oe permit holders invelved in upstream petolevm operations, © keop records, data and repors obtined fom upstream pedoleum operations, a5 may be required under any Actor ‘egulation and give derive to any person, company or ety inthat reed, (6) manage and administer dasa operding unallocated acreage; (@)condst bing rounds forthe awed af petroleum prospecting licences and petroleum mining esses pursuant this ae nd applicable regulations, (0) when sequested, provide assistance 19 parties conducting upsream petoicum aperation, were ix tho sole opinion of ‘he Commision such assistance ie merited, (0) spprove Held development plas for upstream pexleun: ‘operations a wel as monitors execution (0) compute, determine, ares and ensure payment of oyaes rents, fees, and other charges for upstream petroleum ‘operation as tilted under this Act and any regulation; (4) establish parametars and codes of conduct for lieonsoss, lessees of permit holders im the upstream petroleum operations (9) mositor the rancid viability of licensees, lessees or pera ‘older with respect to upseam petolaun oportions; © develop, mintain and publish 2 database of upstream Davoleuin opens, (4a) subjeot othe confident provisions of section 88 (7) of ‘his Act, shure information and. deta on the upsem petoleum operations with other goverament entities wich Ihave funesons with espet to the petrol sector; (bh) pevfonm sich eer fnction se may be necessary to give ‘tect tothe provisions of this Act (62) ensue and monitor performance of industry players and “quality ofthe provision of services of sericing eompanis in {he upstream patleum industry, (a) condver studies relating 10 the economy, effekney and elfeatvenes of th wpsteam petroleum industry; and (ce) nse cenfeates of guaiy and quality lo exporters of orade wil, mitra gae and petroleum prodviets {om integrated ‘opecitions and ere ol export terminals established prior to the elective date apd the Commission shall have the power to monitor and regulate the operstions of crude ol expat tecminls el the rexponsisiity of weights and messes a the cnde oil expor terminals shal cease Yo exist from the foto date, ', The commercial egulstory functions ofthe Comission shall bao - emigre (@) review end approve the commercial aspects of field —

    You might also like