In a significant development within Nigeria’s Oil and Gas regulatory landscape, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Engr Komolafe has provided updates on crucial aspects of contract and license allocation.
These updates were highlighted during a meeting with representatives of the Norwegian and Nigerian Extractive Industries Transparency Initiative (EITI) and (NEITI) at the Commission’s headquarters in Abuja on Thursday, 25th January.
The CCE gave the update while reacting to the concerns raised by the Norwegian team over inadequate public disclosure of data for companies holding or applying for extractive rights in Nigeria as well as the absence of protocol for the automatic exchange of Beneficial Ownership data between the Corporate Affairs Commission (CAC) and the NUPRC as part of the validation report carried out on the Nigerian Oil and Gas sector.
The EITI team was led by its technical director, Alex Gordy, while the NEITI team was led by its Executive Secretary, Dr. Orji Ogbonaya Orji. Engr. Komolafe was represented at the meeting.
The CCE represented by the Commission’s Executive Commissioner Development and production, Mr. Enorense Amadasu underscores NUPRC’s commitment to transparency, adherence to regulations, and international collaboration.
According to Engr Komolafe, the Commission had already published the guidelines for the procedure for assignment of interest which is a pivotal aspect of contract and license allocation and also carried out an update in March 2021.
He added that the regulations governing Petroleum license bid rounds were meticulously published in adherence to the stipulations outlined in the Petroleum Industry Act (PIA) of 2021.
These updates, Komolafe noted, signifies NUPRC’s dedication to maintaining current and comprehensive regulatory frameworks as the Commission has already concluded plans to establish the Nigerian Oil and Gas Assets Beneficial Ownership Register (NOGABOR), a web-based portal for the enhancement of transparency through the provision of information on the beneficial ownership of petroleum assets in Nigeria.
The CCE further informed the EITI and NEITI’s delegation that the Commission has also made available information on concluded contracts on its official website in addition to the ongoing plans to enhance transparency by incorporating acreage coordinates in the published register of concession, providing stakeholders with a more detailed and comprehensive view of the industry landscape.
The engagement between NUPRC, the Norwegian and the Nigerian Extractive Industries Transparency Initiative (EITI)and (NEITI) stands as a testament to a shared commitment to collaboration as all entities recognize the challenges within Nigeria’s oil and gas sector and aim to address them collectively towards positioning Nigeria as a proactive participant in the global discourse on sustainable and accountable resource management.
