By Ese Ufuoma
At the 42nd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, advocated for a collaborative response to Nigeria’s energy trilemma: ensuring security, affordability, and sustainability.
During the event’s opening, Engr. Komolafe acknowledged the vital role of petroleum explorationists in advancing Nigeria’s oil and gas sector, noting that technological innovations have strengthened both the industry and the broader economy.
The 2024 NAPE conference brings together leading experts and industry players to explore key issues shaping the future of oil and gas, with NUPRC offering insights into investment opportunities at its exhibition booth.
Focusing on the pressing energy issues, Komolafe emphasized the government’s commitment to fostering an environment that attracts investment, supports energy self-sufficiency, and upholds sustainability goals. He assured attendees of President Bola Ahmed Tinubu’s support for strategies like Project 1 MMBOPD, which seeks to boost oil production and enhance Nigeria’s energy security.
Aligned with the recently enacted Petroleum Industry Act (PIA), Komolafe outlined several regulatory measures NUPRC has put in place to enhance transparency and encourage investment. These initiatives include issuing 25 priority regulations, establishing the Upstream Asset Divestment and Exit Framework for asset management, and launching a licensing round for 31 oil and gas blocks to bolster reserves and stimulate economic growth.
Further, NUPRC is enforcing the Domestic Crude Supply Obligation (DCSO) to guarantee crude oil access for local refineries, as well as implementing advanced metering systems to monitor production accurately and combat oil theft.
Komolafe also highlighted NUPRC’s commitment to environmental and social responsibility. Through the Nigerian Gas Flare Commercialisation Programme (NGFCP), the Commission aims to capture 250 million cubic feet per day of flared gas, significantly cutting emissions. Additionally, 137 Host Community Development Trusts (HCDTs) have been established to promote positive relations between oil companies and local communities, fostering stability.
Komolafe expressed confidence in Nigeria’s capacity to meet its energy ambitions and urged industry stakeholders to support NUPRC’s initiatives for a sustainable and prosperous energy sector.