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MIDSTREAM AND DOWNSTREAM PETROLEUM CODE OF CONDUCT REGULATIONS, 2023

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PETROLEUM INDUSTRY ACT, NO. 6, 2021 
 
MIDSTREAM AND DOWNSTREAM PETROLEUM CODE OF CONDUCT REGULATIONS, 
2023 
 
                                                                                                 [                                ] 
 
Commencement 
In the exercise of the powers conferred on it by sections 32 (kk) and 33 of 
the Petroleum Industry Act, No. 6, 2021 (“Act”) and all other powers 
enabling it in that behalf, the Nigerian Midstream and Downstream 
Petroleum Regulatory Authority (“Authority”), makes these Regulations — 
 
 
1. The objectives of these Regulations are to —  
(a) provide additional guidance to the principles, recommended 
practices and responsibilities as contained in the Nigerian Code of 
Corporate Governance, 2018; 
 
(b) outline industry-specific codes of conduct and corporate 
governance standards for companies in the Nigerian midstream 
and downstream petroleum industry; and  
 
(c) provide sanctions and penalties for non-compliance with these 
Regulations. 
 
Objectives  
2. (1) These Regulations shall apply to companies undertaking midstream 
and downstream petroleum operations in Nigeria. t 
 
(2) Notwithstanding sub-regulation (1), the Authority may by notice from 
time to time designate the midstream and downstream companies to 
which these Regulations shall apply provided that the Regulations shall 
apply to all companies operating designated facilities as provided 
under the Act. 
 
Application 
3.  A company undertaking petroleum operations in the Nigerian 
midstream and downstream petroleum industry shall comply with the 
Nigerian Code of Corporate Governance in force and these Regulations. 
 
Compliance with 
Regulations