The Chief Executive of the newly-created Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, has solicited the support of the Independent Petroleum Producers Group, IPPG, for the smooth implementation of the Petroleum Industry Act, PIA, adding that the indigenous exploration and production companies are a critical component of the Government’s energy security plan for the nation.
Komolafe made the call during the stakeholders meeting with IPPG at the Lagos office of NUPRC.
‘’We will be a fair and just regulator conducting our affairs in a transparent manner and serving as a business enabler”, he stated while emphasizing the importance of compliance with regulation by industry players. The NUPRC helmsman promised to work closely with all industry stakeholders.
The Chief Executive said that the industry was at a critical phase with the ongoing reforms and global energy transition drive making it imperative that the NURPC and IPPG should collaborate to ensure the industry is well positioned to seize opportunities and minimize any adverse impact on the industry and ultimately the country.
‘’NUPRC is ready to work with IPPG in addressing challenges impeding your growth and the development of the sector,’’ Komolafe said.
The IPPG delegation led by its Chairman, Abdulrazaq Isa, thanked the Commission Chief Executive for the invitation and congratulated him on the recent appointment. He also pledged the support of IPPG in realising the Commission’s mandate of growing and developing the Nigerian oil and gas industry.
The IPPG Chairman in his presentation focused on the evolving industry landscape, ongoing industry reforms, IOC divestment, and the role indigenous exploration and production companies can play in this new era in guaranteeing the nation’s energy security.
“Nigeria cannot afford to be left behind in view of the global energy transition agenda. Natural Gas should be considered as a transition fuel with deliberate policies formulated to attract investment into the sector,’’ Isa said.
While noting the PIA enactment will set a solid growth foundation for the entire industry, the IPPG Chairman said it was imperative that effective regulations are formulated to derive the full benefits of the Act.
According to Isa, ‘’industry-wide consultation in the enactment of regulations is required to promote inclusivity and ensure robustness of regulations’’.
The IPPG Chairman also identified key challenges being faced by the industry in the areas of security, funding, high operating costs, lengthy contract cycle, amongst others.
’’We look forward to collaborating with the NUPRC in finding long lasting and sustainable solutions to these challenges,’’ Isa stressed.
Other IPPG members on the delegation included; Ademola Adeyemi-Bero, FIRST E & P; Adenrele Afolabi, Dansaki Petroleum; Ladi Bada, Shoreline Natural Resources; Chidi Egonu, Energia; Mustafa Indimi, Oriental Energy; Chike Nwosu, Waltersmith; Victor Okolo, Eroton; Wale Olafisan, AMNI, Victor Sodje, Newcross E & P; Dada Thomas, Frontier Oil and Charles Odita, Director, Midwestern Oil & Gas and member of the IPPG Board of Trustees.