The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it is exploring the use of cutting-edge technological solutions that could support it in achieving its regulatory mandate under the Petroleum Industry Act (PIA).
The NUPRC made the disclosure following a strategic visit of senior staff to the headquarters of Infosys in Bengaluru, India which was led by the Commission’s Chief Executive, Engr. Gbenga Komolafe.
The plan which, NUPRC described as a “significant step towards fostering digital transformation in Nigeria’s upstream petroleum industry” would enable the country to harness the full potential of the upstream sector.
Infosys is a global leader in information system technology with about 320 thousand employees and about $18.6bn annual turnover provides support and services to the major oil companies, national oil companies and service companies in the petroleum sector as well as other sectors such as aviation, finance and so on globally.
The Engr. Komolafe-led delegation, focused on exploring how Infosys’ cutting-edge technological solutions could support the Commission in achieving its regulatory mandate under the Petroleum Industry Act (PIA).
According to the NUPRC, the centre of the discussions with Infosys was based on strategies to digitalize and automate key regulatory processes, streamline hydrocarbon accounting, and ultimately plug revenue leakages to enhance government revenues.
According to the commission, the NUPRC boss and the Chairman of Infosys, Mr. Nandan Nilekani, “Shared a common vision of leveraging technology to drive transparency, efficiency, and accountability in the petroleum sector.”
The NUPRC disclosed that Engr. Komolafe shared his plans for digital solutions that could revolutionize hydrocarbon management, ensuring accurate accounting and regulatory oversight.
Similarly, Mr. Nilekani who has played vital role in India’s digital transformation expressed interest in providing the needed technology that would revolutionise Nigeria’s upstream petroleum industry.
NUPRC said, “The visit marked the beginning of a potential partnership aimed at modernizing the Nigerian upstream petroleum sector, with Infosys positioned to provide cutting-edge solutions tailored to the unique challenges faced by the NUPRC.
“Both parties are committed to exploring further collaborations to enhance regulatory efficiency, boost revenues, and establish Nigeria as a global leader in petroleum resource management.”