TheCable

Gbenga Komolafe, chief executive officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has called for the development of strategies for the sustainability of Nigerian content policies in the oil and gas sector.

Komolafe said this at the ongoing 10th Practical Nigerian Content 2021 Conference on Tuesday in Yenagoa.

The conference which was organised by the Nigerian Content Development and Monitoring Board (NCDMB), was themed: ” Driving Nigerian Content in the New Dawn of the Petroleum Industry Act (PIA)”.

NUPRC CEO said President Muhammadu Buhari’s signing into law of the PIA had brought the much-desired stability to the Nigerian oil and gas industry, which would boost investors’ confidence, according to NAN.

He explained that the enactment of the Nigeria Oil and Gas Industry Content Development (NOGICD) Act had helped the development of indigenous capacity, resurgence of new businesses, creation of jobs, and retention of wealth in the country.

According to him despite these achievements, it was critical for stakeholders to devise strategies to optimise business recovery and sustainability of Nigerian Content policies in a post-pandemic era.

“This is to foster economic growth and development in the energy sector and the oil and gas value-chain for the benefit of all Nigerians and our stakeholders,” Komolafe added.

He maintained that the commission was committed to the sustainable development of Nigeria’s huge hydrocarbon resources in the overriding interest of the country.

To this end, he said the NUPRC would continue to enable upstream businesses and create additional revenue streams for the government and the investors, for the development of Nigeria’s socio-economic infrastructure.

“As we forge ahead, it is critical for the global oil and gas industry to remain efficient and innovative in responding to the emergence of renewables, to sustain the relevance of hydrocarbon resources in the global energy mix.”

“Local content development and research is a major driver of most productive economies and a trigger for socio-economic development.”

“It is a multi-professional area that requires all stakeholders to be closely synergised for effectiveness towards achieving national goals and objectives.”

In his part, Simbi Wabote, executive secretary, NCDMB, said the Practical Nigerian Content Conference was aimed at giving stakeholders the opportunity to discuss how to improve local content in the oil and gas industry.

Wabote listed some of the achievements of the board to include the establishment of the Nigerian Content Research and Development Council and the 10-year strategic roadmap.

He said it also includes the creation of a $50 million dollars research and development fund, support for local and indigenous research breakthroughs among others.