ENERGY SECURITY AND SUSTAINABILITY UNDER THE PETROLEUM INDUSTRY ACT, 2021

Abstract
Energy in all its ramifications is a key component of human existence. From domestic appliances and usage to industrial and manufacturing, energy plays a pivotal role. The recent challenge of energy demand and supply in Nigeria leading to high travel
cost and increase in the prices of consumables bares direct relevance. The security and sustainability of energy has come under severe attack due to the actions and inactions of
institutions of state. The United Nations, national government and other critical stakeholders in the energy sector have developed laws, regulations, policies and even set targets and goals toward ensuring the future of sustainable energy for all. This work focuses on the Petroleum Industry Act, 2021 to see provisions that guarantee energy security and sustainability. These sections were reviewed with a view to identifying how much they impact energy security and sustainability using the doctrinal method. In the course of the research, it was discovered that the Petroleum Industry Act made apple provisions aimed at
energy security and sustainability, however a comparative analysis with other jurisdiction and the present reality revealed there was imminent need for an amendment especially in the area
of Domestic Gas Supply Obligation, ownership and the stabilisation provisions, utilization of the several funds created towards sustainability, gas flaring and so on.

Key Words: Energy, Gas Flaring, Domestic Supply Obligation, Security and Sustainability.

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