The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has said that how it conducts licensing rounds and gas commercialisation shows its level of transparency and accountability in carrying out its regulatory functions.
The NUPRC said it is also focused on leading effective upstream oil and gas operations to enhance revenue generation.
The Chief Executive of NUPRC, Engr. Gbenga Komolafe said this on Monday at the maiden edition of Nigeria Extractive Industries Transparency Initiative (NEITI) House Dialogue in Abuja
He said promoting transparency, good governance, and accountability in the administration of the country’s petroleum resources is a key objective of the Petroleum Industry Act, 2021 as provided in Sections 2(c), 66(f) and 67.
According to Komolafe, transparency, accountability, and a predictable regulatory environment are crucial elements for attracting investment and creating a thriving oil and gas sector.
“As the industry regulator, we are focused on pivoting the upstream oil and gas operations effectively for optimisation of our national hydrocarbon resources for enhanced revenue generation and optimum return on investment,” the NUPRC boss told industry players.
In May last year, the NUPRC unveiled a 10-year Strategic Plan (2023-2033) designed to attract investment, grow reserves, and increase production.
Under Komolafe, the regulator also developed twenty-five viable regulations to enhance investment appetite and support energy security for Africa’s biggest economy.
Beyond the 10-year plan, the NUPRC boss said he is keen to implement the initiatives encapsulated in the NUPRC Regulatory Action Plan (RAP) for 2024.
The RAP which is a three-year masterplan is centered around ensuring regulatory certainty and predictability, reducing entry barriers, promoting global competitiveness, deepening transparency and accountability, value creation and monitoring, host community and environmental sustainability.
Komolafe expressed confidence in the reforms that he initiated adding the “various activities by the commission that will attract investment, create employment, grow reserves, increase production, and generate revenue … are carried out with utmost transparency.”
According to the CEO, licensing rounds are enhanced by quality datasets.
He said they are “based on a fair, transparent and competitive bidding process which is non-discriminatory as stipulated in Sections 73(1) and 74(1) of the PIA.”
On gas commercialization, the NUPRC boss said it would drive the ‘Decade of Gas Program’ of the federal government through accelerated gas developments, gas flare elimination and commercialization through the Nigeria Gas Flare Commercialization Program (NGFCP).