Nigeria's Petroleum Industry Act 2021 (PIA) was signed into law by President Muhammadu Buhari on 16 August 2021, which provides for the introduction of a new framework for the oil and gas industry. The President also approved a steering committee for the implementation of the PIA on 18 August with a 12-month duration for the assignment. Among other things, the PIA contains a new tax regime, including the repeal of the Petroleum Profit Tax Act and the introduction of a new Hydrocarbon Tax (HT) for upstream operations. The HT applies to crude oil, field condensates, and natural gas liquids produced...