On September 11, 2025, Advocaat Law Practice convened a landmark webinar titled “Creating Security Interests in Nigeria’s Upstream Sector: Navigating the Petroleum Industry Act 2021,” drawing regulators, financiers, operators, and legal experts from across Nigeria’s oil and gas industry. The session provided a critical platform to explore how the Petroleum Industry Act (PIA) 2021 has reshaped the creation, enforcement, and management of security interests in the upstream petroleum sector.
Since its enactment, the PIA 2021 has emerged as a transformative framework designed to modernize Nigeria’s petroleum industry. The law has fundamentally changed how upstream operators structure investments, obtain financing, and maintain compliance. With the sector witnessing increased regulatory scrutiny, operators and financiers alike are keen to understand the nuances of creating legally robust security interests while mitigating operational and financial risks.
The webinar featured regulators unpacking key compliance and enforcement provisions of the PIA, offering actionable insights into how security interests can be structured within the new legal framework. Speakers emphasized the importance of aligning contractual agreements with the Act’s provisions to safeguard investments and ensure regulatory compliance.
Financiers shared perspectives on lending strategies in a sector now governed by stricter legal and operational standards. They highlighted how the PIA 2021 introduces both opportunities and responsibilities for financial institutions, particularly around the collateralization of upstream assets and the enforcement of security instruments.
Industry operators, meanwhile, discussed practical challenges in aligning operational strategies with the evolving regulatory landscape. Participants explored case studies and real-world scenarios, gaining clarity on how to navigate complex contractual arrangements, secure financing, and meet compliance requirements without jeopardizing operational efficiency.
Legal experts also stressed the growing importance of transparency and governance in the upstream sector. They noted that the PIA 2021 not only redefines the legal landscape but also encourages ethical practices, risk management, and investment confidence.
Attendees described the webinar as a “must-attend” for anyone involved in Nigeria’s upstream petroleum industry. Many indicated that the insights gained would directly influence investment planning, risk mitigation strategies, and contractual decision-making. One participant remarked, “Understanding how to properly structure security interests under the PIA 2021 is no longer optional—it is essential for sustainable operations and long-term growth in Nigeria’s oil and gas sector.”
As Nigeria continues to position itself as a competitive player in the global petroleum market, events like Advocaat Law Practice’s webinar serve as vital knowledge-sharing platforms. By bridging gaps between regulators, financiers, and operators, such initiatives empower stakeholders to make informed decisions and navigate the PIA 2021’s complexities with confidence.
The session reaffirmed that knowledge, collaboration, and compliance are now key drivers for sustainable growth in Nigeria’s upstream petroleum sector, marking a critical step in the evolution of the nation’s oil and gas industry under the PIA 2021.
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