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Gas Trading and Settlement Regulations, Statutory Instrument no. 12 of 2023.

Country/Territory
Nigeria
Document type
Regulation
Date
2023
Source
FAO, FAOLEX
Original source
Federal Republic of Nigeria Official Gazette no. 52 of 2023.
Subject
Energy
Keyword
Authorization/permit Contract/agreement Cooperative/producer organization Energy conservation/energy production Enforcement/compliance Financing Governance Inspection Internal trade International trade Natural gas Risk assessment/management Special fund Transport/storage
Geographical area
Africa, North Atlantic, Western Africa
Abstract

These Regulations, made under sections 33, 126 and 159 of the Petroleum Industry Act, No. 6 of 2021, provide for: regulating the establishment and operations of gas trading and settlement exchange platform; establishing the principles for the secure, reliable and efficient trading and settlement of natural gas and other gas commodities; promoting and sustaining the trading, exchange and settlement of natural gas and other gas commodities. The Regulations define: persons qualified to participate in a gas trading and settlement exchange; approval or suspension of gas exchange contracts by the Authority; gas trading licence and clearing house authorisation; financial requirements; governance structure of gas exchange and clearing house; adoption of best practices and risk management processes; transport and delivery procedure; agreement between gas exchange and clearing house; contribution to the settlement guarantee fund; inspection, enquiries and enforcement measures.

Full text
English
Website
www.nmdpra.gov.ng

References - Legislation

Implements

Petroleum Industry Act, no. 6 of 2021.

Legislation | Nigeria | 2021

Keyword: Energy conservation/energy production, Authorization/permit, Business/industry/corporations, Community management, Concession, Consumer protection, Continental shelf, Contract/agreement, Court/tribunal, Traditional rights/customary rights, Environmental standards, Exploration, Royalties/fees, Financing, Framework law, Governance, Institution, Mining, Natural gas, Offences/penalties, Oil, Ownership, Policy/planning, Procedural matters, Social protection, Transport/storage, Sustainable development, Tax/levy, Use restrictions, Standards, Protection of environment, Enforcement/compliance, Fiscal and market measures, Indigenous peoples

Source: FAO, FAOLEX