… Lauds Initiatives On Ramping Up Oil Production, Blocking Leakages
The Senate has attributed the level of success recorded in the implementation of the 2024 budget to the performance of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as the regulator exceeded its revenue target for 2024 fiscal year.
The Joint Senate and House Committee on Finance made the commendation when the Commission Chief Executive, Engr. Gbenga Komolafe appeared before the committee.
According to a document, the NUPRC boss made his appearance before the lawmakers on Monday, January 13.
The Committee on Finance hailed the upstream regulator for surpassing its 2024 revenue target.
The performance came when global hydrocarbon producers were witnessing lower royalties and weak margins.
Komolafe had said the commission is “poised to achieve more through various ongoing initiatives such as the project one million per day initiatives, bid round, drill or drop and other mandates as set by the Petroleum Industry Act (PIA).”
Reacting further, the lawmakers highlighted how NUPRC’s significant contribution to national revenue and its efficient regulatory oversight of Nigeria’s upstream petroleum sector saved the country.
The committee made emphasis on the importance of such performance in supporting the country’s budget.
The lawmakers also encouraged the NUPRC to sustain and build on the current progress.
The CCE speaking at the session explained that the NUPRC has developed a comprehensive Gas Flaring and Commercialisation Plan which aims to reduce methane emissions significantly while generating additional revenue for Nigeria through optimised gas utilisation and monetisation.
The NUPRC boss reiterated NUPRC’s commitment to balancing environmental sustainability with economic growth in the upstream petroleum sector.
The CCE said the achievements made so far reflect the commission’s strategic initiatives aimed at improving revenue generation, compliance, and transparency within the sector.
SOURCE: Opera News