TheCable

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it is working with the senate committee on finance towards attracting more investments into the country’s oil and gas sector.

Mohammed Musa, chairman, senate committee on finance, said this at an interactive session with Gbenga Komolafe, chief executive officer (CEO) of NUPRC.

According to a statement shared on Facebook by NUPRC, the committee is looking at ways to generate more revenue that will be a major source of funding for the national budget.

On his part, Komolafe explained that the Nigerian upstream oil and gas sector has the potential to attract more investments that will help maximise revenue for the nation if entry barriers are vacated to pave the way for the ease of doing business.

Also, Komolafe said the commission, as part of its obligations, is pushing for a metering regulation that is targeted towards providing the actual data of daily output by international oil companies operating on the shores of Nigeria.

He added that these are achievable through kinetic and non-kinetic approaches.

Earlier in the week, President Bola Tinubu had nominated four executive commissioners for the commission.

Tinubu nominated the following; Bashir Indabawa — north-west — executive commissioner, exploration and acreage management; Kelechi Ofoegbu — south-east — executive commissioner, corporate services & administration (redeployed); Enorense Amadasu — south-south — executive commissioner, development & production; and Babajide Fasina — south-west — executive commissioner, economic regulation and strategic planning.