Upstream Petroleum Environmental Remediation Fund Regulations, Statutory Instrument no. 62 of 2024.

These Regulations, made by the Nigerian Upstream Petroleum Regulatory Commission in exercise of the powers conferred on it by sections 10(f)and 103 of the Petroleum Industry Act, No. 6, 2021, provide for: creating a framework for the establishment and administration of the Environmental Remediation Fund; specifying the source of funding for the rehabilitation or management of negative environmental impacts from upstream petroleum operations pursuant to the Act. The Regulations apply to petroleum operations conducted under oil prospecting licences and oil mining leases, and petroleum prospecting licences and petroleum mining leases. The Regulations concern the following matters: establishment of the environmental remediation fund; determination of contributions to the Fund; payment of the financial contribution; establishment of environmental management and rehabilitation committee; procedure for release of funds; auditing and reporting; penalties for non-compliance.