Abstract
This study appraised the governance structure in Nigeria petroleum industry, and as contained
in the recent enacted PIA 2021 which is now the principal legal instrument as far as Nigeria’s
petroleum industry is concerned. The challenges faced by regulators of the petroleum industry,
being integral part of the system, are highlighted. It is observed that in seeking to proffer
solution to tackle the problems facing Nigeria’s ailing petroleum industry the Norwegian
model was resorted to. The Norwegian model consists of separation of roles and
responsibilities into commercial, policy and regulatory. The doctrinal research methodology
was adopted. The Norwegian model and governance of the international petroleum market was
appraised. The discourse was tailored along the concept of good governance; the legal
mandate of regulators of the Nigerian petroleum industry; oil and gas governance in the
international community; challenges of oil and gas governance in Nigeria; and guidelines for
good governance in the oil and gas industry. Against this backdrop, the study recommends that
the Norwegian model may not be the best for every ailing industry and adoption of the
Guidelines for Good Governance in Emerging Oil and Gas producers 2016 is proposed as the
likely solutions that may aid in improving Nigeria petroleum industry.