By Adaobi Rhema Oguejiofor
The Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said that the Commission is providing strong policy directions that are primarily aimed at optimizing and enhancing oil and gas operations in the country.
Komolafe said this in a goodwill message at the ongoing 4th Edition of the Nigerian Oil & Gas Opportunity Fair (NOGOF) 2023, which is themed “Oil & Gas Industry: Catalyst and Fuel for the Industrialization of Nigeria,” in Bayelsa State.
He stated that issuing the policy has become imperative as a result of the overall concern about the declining production of oil and gas, which has created gaps along value chain operations.
Komolafe, who was represented by Dr. Kelechi Onyekachi Ofoegbu, the Executive Commissioner, Economic Regulation & Strategic Planning of NUPRC, said that the Commission has declared six more regulations for the petroleum sector, and that they have been finalized and are available for gazetting.
According to him, some regulations have already been gazetted and they include the Nigeria Upstream Petroleum Host Community Development Trust Regulations, Royalty Regulations, Domestic Gas Delivery Obligation Regulations, Nigeria Conversion and Renewal “License and Lease” Regulations, and Petroleum Licensing Round Regulations.
He expressed that NUPRC is determined to eliminate gas flare through the ongoing Gas Flare Commercialization Programme (GFCP).
In his own words, “in alignment with our objectives, as outlined in Section 6 of the Petroleum Industry Act, the Commission is diligently pursuing the basic regulatory goals which include increasing Nigeria’s oil and gas reserves and production, developing a transparent approach to hydrocarbon accounting, and attaining operational efficiency and effectiveness in industry operations.
“NUPRC is also committed to facilitating peace and harmony in the host communities to guarantee a conducive operating environment for investors, positively impacting operating costs and attracting more investment opportunities.”
The CCE also stated that as part of the Agency’s strategy for value optimization and increased production from national oil and gas reserves, NUPRC has focused on regulatory initiatives that are aimed at reviving declining wells through an advanced oil recovery approach.
He added that it is working with operators to identify candidate wells and appropriate interventions that would lead to increased production.
