NUPRC commits to accountability in upstream petroleum sector

Lagos -- The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, says it is committed to the promotion of transparency, good governance, and accountability in the administration of Nigeria’s petroleum resources, a key objective outlined in the Petroleum Industry Act, 2021.

The Chief Executive Officer Engr. Gbenga Komolafe, who restated this at the first edition of the Nigeria Extractive Industries Transparency Initiative, NEITI, in-house dialogue in Abuja,l pointed to Sections 2(c), 66(f) and 67 of the Act which emphasise the importance of transparency, accountability, certainty and a predictable regulatory environment to attract investment, drive economic growth, and ensure sustainable development.

According to Komolafe, NUPRC, as the industry regulator, is steadfast in pivoting upstream oil and gas operations effectively for optimising national hydrocarbon resources, thereby enhancing revenue generation and ensuring optimum return on investment.

He added that the Commission has proactively developed a 10-year Strategic Plan, 2023-2033, aimed at attracting investment, growing reserves, and increasing production. Twenty-five viable regulations, he said, have been drafted and finalised to enhance investment appetite and support energy security, adding that extensive consultations with key stakeholders were conducted to ensure collaboration and transparency in regulatory processes.

Regarding the Commission’s strategic plan, Engr. Komolafe hinted that it is committed to implementing initiatives encapsulated in the Regulatory Action Plan for 2024. The plan focuses on ensuring regulatory certainty and predictability, promoting global competitiveness, deepening transparency and accountability, value creation and monitoring, host community and environmental sustainability, as well as accelerating field developments.

Speaking on licensing rounds, the NUPRC boss said all rounds were conducted through a fair, transparent and competitive bidding process in accordance with the PIA. He added that the Gas Commercialisation Programme is a way of driving the Decade of Gas Programme of the Federal Government, accelerating gas developments and eliminating gas flaring through the Nigeria Gas Flare Commercialisation Programme, NGFCP.