TheCable

The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has asked Oil Producers Trade Section (OPTS) to support the smooth implementation of the Petroleum Industry Act (PIA).

Gbenga Komolafe, chief executive officer of NUPRC, said this on Wednesday during his maiden meeting with top OPTS members in Lagos.

The OPTS is an umbrella body of international and indigenous companies and major players in Nigeria’s oil and gas sector.

OPTS members present at the meeting include Rick Kennedy, chairman of OPTS and managing director, Chevron Nigeria Ltd; Osagie Okunbor, country chair, Shell Companies in Nigeria (SCiN) and Mike Sangster, managing director, TotalEnergies Nigeria.

Others are Richard Laing, managing director, ExxonMobil Nigeria Limited and Roberto Daniele, managing director, ENI Companies in Nigeria.

Komolafe said the NUPRC will optimise the upstream sector’s contribution to national development.

“The implementation of the PIA is very germane to the president and this current administration, and he has given us a period of six to 12 months to begin to deliver some of the key deliverables,” he said.

Komolafe further described OPTS as a critical stakeholder and partner in the development and operations of upstream assets. 

“It is against this backdrop that I have decided to host this meeting in Lagos to reinforce my acknowledgement of your association and to solicit your collaboration as industry stakeholders,” he said.

The NUPRC boss said the meeting was to familiarise the commission with the OPTS members and listen to the challenges hindering key areas in the upstream sector.

He noted that the meeting was coming at a critical time when the clamour from the global community was focused on energy transition from fossil fuels to cleaner energy.

According to him, this has resulted in funding challenges for exploration activities by companies. 

“Permit me also to say that this is the first in the series of engagements with you as our vision is to build a 21st-century regulator that will be fair, just and be a critical business enabler in the upstream petroleum sector,” Komolafe added. 

“It is in this wise that we urge you all to join hands with us in building confidence in the industry for robust investment.”

In his remarks, Kennedy assured Komolafe of the support and cooperation of the OPTS in achieving the mandate of the commission. 

He, however, noted that the OPTS would need collaboration with the commission regarding some of the key timelines in the implementation of the PIA.

Kennedy said the areas included the incorporation of development trusts for host communities, installation of flare meters as well as gas flare and monetisation plan.