The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has called for a collective approach to addressing Nigeria’s energy trilemma of security, affordability, and sustainability.
The CCE was speaking at the opening of the 42nd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
Engr. Komolafe praised the contributions of petroleum explorationists to Nigeria’s Oil and gas sector, emphasizing technological advancements have bolstered the industry and economy.
Highlighting the energy challenges, he reiterated the Nigerian government’s commitment to creating an investor friendly environment that enables energy independence.
While outlining Nigeria’s need for energy security, affordability, and sustainability, Komolafe assured attendees of President Bola Ahmed Tinubu’s support for initiatives aimed at maximizing benefits from the nation’s oil and gas resources, including Project 1 MMBOPD, which aims to achieve incremental Oil production levels for greater energy security.
In alignment with Nigeria’s new Petroleum Industry Act (PIA), Komolafe detailed several regulatory frameworks implemented by NUPRC to boost transparency and encourage investment. This includes the issuance of 25 priority regulations, the Upstream Asset Divestment and Exit Framework to manage asset transfers, and a licensing round for 31 Oil and Gas blocks intended to expand reserves and stimulate economic growth.
Other initiatives include enforcing the Domestic Crude Supply Obligation (DCSO) to ensure refineries have access to Crude Oil, as well as implementing advanced metering systems to track production and combat theft.
According to the CCE, NUPRC has also prioritized decarbonization efforts through the Nigerian Gas Flare Commercialisation Programme (NGFCP), aiming to capture 250 million cubic feet per day of Gas flares and significantly reduce emissions.
He also noted that NUPRC’s focus extends to social responsibility, highlighting the successful incorporation of 137 Host Community Development Trusts (HCDTs), fostering better industry relations and encouraging peaceful coexistence between oil companies and local communities.
With this robust approach, Komolafe voiced confidence in Nigeria’s potential to achieve its energy goals and urged industry professionals to support NUPRC’s initiatives for a sustainable energy future.
The 2024 NAPE conference gathers top industry experts and stakeholders to discuss critical topics on the future of Oil and Gas, with NUPRC representatives ready to provide information on investment opportunities at their exhibition booth.
