The Petroleum Industry Act, 2021 (PIA or “the Act”) waded through many turbulent waters of rejections and approvals to finally emerge on 16 August 2021. Notwithstanding the discontent with aspects of the PIA relating to the allocation of funds/profits, its enactment is a step in the right direction given the potential to provide fiscal certainty for existing and potential investors in the Nigerian Oil and Gas industry.
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