Section 310: Repeals.

1 From the effective date of this Act the following enactments and regulations are
repealed-

a Associated Gas Reinjection Act, 1979, Cap. A25, Laws of the Federation of Nigeria, 2004, and its Amendments;
b Hydrocarbon Oil Refineries Act No. 17 of 1965, Cap. H5, Laws of the Federation of Nigeria, 2004;
c Motor Spirits (Returns) Act, Cap. M20, Laws of the Federation of Nigeria, 2004;
d Nigerian National Petroleum Corporation (Projects) Act No. 94 of 1993, Cap. N124, Laws of the Federation of Nigeria, 2004;
e Nigerian National Petroleum Corporation Act (NNPC) 1977 No.33, Cap. N123, Laws of the Federation of Nigeria as amended, when NNPC ceases to exist under section 54 (3) of this Act;
f Petroleum Products Pricing Regulatory Agency (Establishment) Act No. 8, 2003;
g upon the completion of the conversion process under section 92, the Petroleum Profit Tax Act, Cap. Pl 3, LFN, 2004, provided the repeal shall apply from the effective date to any new acreage granted under this Act; and
h upon the completion of the conversion process under section 92, the Deep Offshore and Inland Basin Production Sharing Contract Act, 2019, as amended, provided the repeal shall apply from the effective date to any new acreage granted under this Act.

2 With respect to the Petroleum Equalisation Fund, the Authority as of the Effective Date shall be in charge of-
a the collection of net surplus revenues from oil marketing companies shall cease, except for the collection of unpaid net surplus revenues earned prior to the effective date; and
b the payment for reimbursements to oil marketing companies shall cease, except for possible remaining payment obligations incurred prior to the effective date.

3 Where the Petroleum Equalisation Fund is insufficient to make the payments under subsection (2) (b), the Authority may prorate the amounts payable based on the ratio between the funds remaining and the outstanding payables, provided that where the Petroleum Equalisation Fund is in a deficit, the proration shall be zero, and oil marketing companies shall have no claim as to further outstanding amounts.

4 Any amount remaining in the Petroleum Equalisation Fund after the completion of the transactions under subsections (2) (a), (b) and (3) shall be transferred to the Midstream and Downstream Gas Infrastructure Fund.