The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is committed to the promotion of transparency, good governance, and accountability in the administration of Nigeria’s petroleum resources, a key objective outlined in the Petroleum Industry Act, 2021.
The Commission Chief Executive (CCE) Engr. Gbenga Komolafe who restated this at the first edition of the Nigeria Extractive Industries Transparency Initiative (NEITI) in-house dialogue in Abuja on Monday pointed to Sections 2(c), 66(f) and 67 which emphasize the importance of transparency, accountability, certainty and a predictable regulatory environment to attract investment, drive economic growth, and ensure sustainable development,”.
According to the CCE, NUPRC, as the industry regulator, is steadfast in pivoting upstream oil and gas operations effectively for optimizing national hydrocarbon resources, thereby enhancing revenue generation and ensuring optimum return on investment. He added that the Commission has proactively developed a 10-year Strategic Plan (2023-2033) aimed at attracting investment, growing reserves, and increasing production. Twenty-five viable regulations have been drafted and finalized to enhance investment appetite and support energy security and extensive consultations with key stakeholders were conducted to ensure collaboration and transparency in regulatory processes.
Regarding the Commission’s strategic plan, Engr. Komolafe hinted that it is committed to implementing initiatives encapsulated in the Regulatory Action Plan (RAP) for 2024. This plan focuses on ensuring regulatory certainty and predictability, promoting global competitiveness, deepening transparency and accountability, value creation and monitoring, host community and environmental sustainability, as well as acceleration of field developments.
Speaking on Licensing Rounds, the CCE said all rounds were conducted through a fair, transparent and competitive bidding process in accordance with the PIA. He added that the Gas Commercialization Programme is a way of driving the Decade of Gas Programme of the Federal Government, accelerating gas developments and eliminating gas flaring through the Nigeria Gas Flare Commercialization Programme (NGFCP).
Also commenting on the Host Communities Trust Fund, Engr. Komolafe said the Host Community Development Trust Fund (HCDTF) is being administered through an intelligent, digital, automated platform to promote accountability and transparency, while revenue generation and remittances are carried out in accordance with the Petroleum Industry Act (PIA
2021).
The CCE further affirmed the Commission’s commitment to sustaining efforts in ensuring optimal development of Nigeria’s petroleum resources, collaboration with NEITI, and all industry stakeholders.
