The Nigerian Upstream Regulatory Commission, NUPRC, says synergy and collaboration among stakeholders in the oil and gas sector are critical to achieving the objectives of the Petroleum Industry Act, PIA.
The NUPRC, also known as the Commission is one of the petroleum regulatory agencies established following the signing of the PIA into law by President Muhammadu Buhari on August 16, 2021.
Engr. Gbenga Komolafe, Pioneer Chief Executive Officer, NUPRC, said the PIA which was signed into law after almost two decades has created a clear fiscal and regulatory framework for the industry.
He revealed that the objective of the Act was to attract investment to Nigeria’s oil and gas sector and optimize the nation’s hydrocarbon resources for national development.
According to him, this is aimed at increasing the nation’s oil and gas reserves and reduction in operating costs in the country.
Komolafe, who had held several engagements with stakeholders in the industry since assuming office, noted that the effective implementation of PIA was very important to the Buhari-led administration.
“We must continue to collaborate, synergize, and build partnerships across all agencies of government and our stakeholders, for innovation, data gathering, information sharing and to breach specialized human capacity gaps among others, as these are positive drivers to improve local human capacity for Nigeria,” he said.
Komolafe added that the Commission has the responsibility of technical, operational and commercial regulation of upstream petroleum operations in Nigeria.
He posited that the goal of the commission was to function as a 21st-century regulator by promoting an enabling environment for investment in upstream petroleum
Komolafe added that the Commission would, however, ensure strict implementation of environmental policies, laws and regulations
for upstream petroleum operations.
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