Nigeria is considering stripping its state oil company of its decisive role in managing existing oil contracts and transferring that authority to the upstream regulator, in what could be the most significant shake-up since the 2021 Petroleum Industry Act (PIA). Under the proposal, contracts currently controlled by the Nigerian National Petroleum Company (NNPC) would move to the Nigeria Upstream Petroleum Regulatory Commission (NUPRC). Lawmakers say the shift is aimed at plugging “statutory leakages and opaque deductions” that have drained…
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