We are excited to introduce The Conduit, a monthly news roundup covering key developments in Nigeria’s petroleum, mining, and power sectors

This article discusses how countries are responding to climate change by implementing legislation and encouraging private-sector investments in non-fossil energy sources. It highlights Carbon Capture and Storage (CCS) as a strategy to reduce CO2 levels in the atmosphere and emphasizes the importance of both switching to net-zero carbon fuel sources and capturing carbon emissions. The article focuses on the current status of CCS initiatives in Nigeria and provides recommendations for policy and legal strategies to advance CCS objectives in the country, despite its lower profile in the global climate change effort.

The newly enacted Petroleum Industry Act, 2021 (PIA) introduces key changes to the licensing and fiscal regime for upstream operations. However, licences and concessions granted under the old law (the Petroleum Act) do not automatically transition into this new regime. The PIA allows such holders to opt in to the new regime through a voluntary conversion process. This publication highlights for the benefit of upstream players currently holding interests in Oil Prospecting Licences, Oil Mining Leases, Production Sharing Contracts and Marginal Field assets, the fiscal regime ushered in by the PIA and the streamlined asset retention framework, to aid their election on whether to opt in to the PIA regime.