New Report Finds Regulatory Oversight Nigerian Oil Industry Remains Extremely Weak
WCEL Member Professor Damilola聽S. Olawuyi and Dr. Zibima Tubodenyefa have released a report on environmental risk management in Nigeria's oil and gas sector.
The Report is titled聽"Review of the Environmental Guidelines and Standards for the Petroleum Industry in Nigeria (EGASPIN)."聽EGASPIN 2018 is the chief document that outlines environmental and safety standards that must be complied with by oil operators in Nigeria, to prevent, minimize and control pollution from the various aspects of petroleum operations.
The report presents an extensive review and evaluation of EGASPIN 2018聽to determine its alignment with international聽best practices聽on environmental protection, especially during approval, operations and decommissioning phases of the oil and gas sector value chain. It also provides recommendations聽on improvements that would increase its effectiveness.
Some key findings from the report include:聽
- Regulatory oversight of the Nigerian oil industry remains extremely weak and does not currently align with聽international best practices on oil sector transparency and accountability.聽
- Although the 2018 EGASPIN, in principle, seeks to adopt best practice, using methods and guidelines that are聽consistent with international standards, transparency and accountability in interpretation and聽implementation remain key concerns.聽
- There is an urgent need to reform EGASPIN to make its聽prescribed environmental standards more rigorous and comprehensive, in line with international best practices.聽
- A reform of supervision arrangements to place the environmental enforcement functions聽in an independent body that is at聽arm鈥檚 length聽from the DPR is also long overdue.
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