Sopuruchi Onwuka

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on government to provide enhanced operating environment and transparent fiscal regimes that earn the confidence of global investors in the Nigerian petroleum industry.

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The Commission Chief Executive (CCE), Engr. Gbenga Komolafe, whose keynote address was delivered at the ongoing Nigerian Oil and Gas Opportunity Fair (NOGOF) in Yenegoa, Bayelsa State, also challenged operating companies in the industry to adopt cutting-edge technologies and best practices to enhance operating efficiency and cost effectiveness.

The conference hosted by the Nigerian Content Development and Monitoring Board (NCDMB) and organized by Jake Riley Limited themed on “Driving Investment and Production Growth: Shaping a Sustainable Future for Nigeria’s Oil and Gas Industry through Indigenous Capacity Development.”

In the keynote address read for him at the event, Engr Komolafe pointed at the urgent need to adapt and transform the Nigerian petroleum industry to meet future challenges and opportunities.

While noting that NOGOF creates a platform for Nigerian companies to showcase their capabilities in the oil and gas sector, he pointed out that the initiative also fosters valuable synergies between foreign and local investors within the industry, “which is an essential step towards driving in-country value addition and ensuring the sustainable development of the Nigerian content.”

He noted that robust upstream investments are essential to achieve sustainable growth in the oil and gas sector and create an enabling environment characterized by stability, transparency, and regulatory certainty.

He emphasized that “investors must have confidence in our legal and fiscal frameworks, confident that their investments are secured and will deliver profitable returns.”

The technical regulator and acreage administrator of the industry also required players to optimize existing resources and explore new frontiers in effort to deliver on the prevailing mandate for production growth.

According to him, the industry must adopt cutting-edge technologies and best practices to enhance efficiency and reduce operational costs. He pointed at the urgent need to invest in infrastructure development to support exploration, development and production activities.

“By doing so, we can maximize our production capacity and ensure a steady crude oil and gas supply to meet both domestic and international demand,” he stated.

He said NUPRC’s mission in promoting sustainable value creation from Nigeria’s petroleum resources for shared prosperity, is geared towards driving investment and production growth by supporting indigenous capacity development; empowering local talent and businesses; fostering local expertise; achieving a reduction in dependency on foreign companies; and creating a robust, self-sustaining industry.

Other targets of promoting sustainable value creation, he said, include investment in specialized education programs and vocational training tailored to the needs of the oil and gas industry; as well as partnering with educational institutions and industry players to bridge the skills gap and equip local workforce with the knowledge and expertise required to excel in this sector.

He also hammered on the need for sustainability and environmental stewardship, saying that the industry has responsibility to mitigate environmental impact by adopting cleaner technologies, reducing emissions, and ensuring responsible resource management.

He said the NUPRC is also committed to fostering a sustainable and resilient industry that minimizes its environmental impact on host communities.

Engr Komolafe announced that NUPRC has issued the Upstream Decarbonization and Sustainability Blueprint co-created with the industry to serve as a roadmap for low-carbon operations and attainment of net-zero aspiration of the Country.

He reiterated the need for collaboration on developing favorable investment climate, indigenous capacity, and sustainability through environmental stewardship as part of driving investment and production growth in Nigeria’s oil and gas industry.

“By working together, we can shape a future where the oil and gas sector continues to be a pillar of our economy, contributing to national development and improving the quality of life for all Nigerians,” he declared.