The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said, the commission is creating strong policy direction essentially aimed at optimizing and enhancing oil and gas operations in the country.
Komolafe said, this has become imperative given overall concerns on declining production that has created gaps along value chain operations.
In a goodwill message at the opening of the 4th Edition of the Nigerian Oil & Gas Opportunity Fair (NOGOF), with the theme, “Oil & Gas Industry – Catalyst and Fuel for the Industrialization of Nigeria”, in Yenagoa, Bayelsa State on Thursday, Komolafe, who was represented by Dr. Kelechi Onyekachi Ofoegbu. Executive Commissioner, Economic Regulation & Strategic Planning NUPRC, said the Commission declared six more regulations for the petroleum sector have been finalised and are available for gazetting, while five have already been gazetted.
The Nigeria Upstream Petroleum Host Community Development Trust Regulations, Royalty Regulations, Domestic Gas Delivery Obligation Regulations, Nigeria Conversion and Renewal “License and Lease” Regulations, and Petroleum Licensing Round Regulations were among the regulations Komolafe listed as having been gazetted.
He also said that the Commission is determined to eliminate gas flare through the on-going Gas Flare Commercialisation Programme (GFCP).
In alignment with our objectives, as outline in Section 6 of the Petroleum Industry Act, the Commission is diligently pursuing the basic regulatory goals which he said include: increasing Nigeria’s oil and gas reserves and production, developing a transparent approach to hydrocarbon accounting, and attaining operational efficiency and effectiveness in industry operations.
In addition, the Commission is committed to facilitating peace and harmony in the host communities to guarantee a conducive operating environment for investors, positively impacting on operating cost and attracting more investment opportunities. Komolafe outlined the measures undertaken by the Commission.
The commission’s Chief Executive also said that, as part of the Agency’s strategy for value optimization and increased production from national oil and gas reserves, it has focused on regulatory initiative aimed at reviving declining wells through enhanced oil recovery approach., adding that, it is working with operators to identify candidate wells and appropriate interventions that would lead to increased production.
He again informed that in line with the Federal Government’s declaration of the period 2021 – 2030 as the Decade of Gas, the Commission is taking steps to expand and develop the Nation’s huge gas resources through enhanced gas exploration, development and utilisation schemes.
This, according to him, will ultimately lead to gas reserves’ growth, increased gas production, maturation of the domestic and export gas market, as well as gas flare elimination.
Furthermore, in the face of the global energy transition and the need for cleaner sources of energy, gas is being positioned as our immediate transition fuel to lower the nation’s carbon emission footprint in line with our climate change commitment, he added.
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