Which landmark legislation enacted in August 2021 transformed the Nigerian National Petroleum Corporation into a commercial company and restructured oil regulation?
Answer and explanation
Correct answer: A. the Petroleum Industry Act of 2021
- Step 1: Passed after two decades of legislative deadlock and signed into law in August 2021, the Petroleum Industry Act (PIA) overhauled Nigeria's hydrocarbons regime. Step 2. It created NNPC Limited as an incorporated commercial company and separated regulation into the upstream commission (NUPRC) and midstream/downstream authority (NMDPRA). Answer: the Petroleum Industry Act of 2021. Why not the others: The Local Content Act was passed in 2010; Deep Offshore Act amendments occurred in 2019; Petroleum Profits Tax Act dates to 1959.
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