The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Oil Producers Trade Section (OPTS) are working together to address multiplicity of fees and rents to make the countey’s oil and gas sector more competitive.
NUPRC’s Chief Executive Officer, Mrs. Oritsemeyiwa Eyesan made this known at meeting between the management of the NUPRC and the Nigerian National Petroleum Company Limited (NNPCL)
at the Commission’s corporate headquarters in Abuja on Friday.
This was contained in a press statement the commission’s Head, Media and Strategic Communication, Mr. Eniola Akinkuotu issued last night.
The statement quoted her as saying, “We are working with the industry on harmonizing the fees and rents that we charge,” she said, adding, “The whole idea is to harmonise and reduce it to the barest minimum so that we can reduce the cost of operations.”
She said NUPRC and NNPC have pledged to deepen collaboration in order to boost operational efficiency.
According to the statement, Eyesan, said the NUPRC and the NNPC – as creations of the Nigerian government – have similar goals.
She added, “As major instruments of the government in the industry, we are aligned toward the same goal and I think this is pivotal and we must not lose this golden opportunity.”
Eyesan said the NUPRC is focused on reducing the cost of operations by harmonizing fees and rents to make Nigeria’s oil and gas sector more competitive.
To this end, the NUPRC boss revealed that the Commission was working closely with the The Nigerian Upstream Petroleum Regulatory Commission (NUPRC)S) to address the multiplicity of fees and rents in order to improve Nigeria’s competitiveness.
Read Also: NUPRC blames fragmented policies for Africa’s unexploited 180TCF gas
Eyesan further stated that the Commission is working on enhancing measurement and hydrocarbon accounting.
“We have done the first phase which is to audit what we already have. The second phase, which will commence shortly, will be the real implementation of the metering standards and this entire programme will entail us having a data center and having all the meters in all our locations to standard,” she stated.
The NUPRC boss said the Host Community Development Trust (HCDT) had so far been a success but maintained that there was a need to fully utilise these funds for its intended purpose as this would enhance community peace and improve the operating environment.
Eyesan encouraged NNPC – as the country’s national oil company – to participate in the ongoing 2025 licensing round and deepen exploration.
In his remarks, the NNPC GCEO, Engineer Bayo Ojulari, reiterated the need for an improved relationship between the national oil company and the regulator.
Ojulari hailed Eyesan’s appointment as CCE, adding, “Your antecedents, your track records, your integrity, your forthrightness and clarity for those who have had the privilege of interacting with you, excites the industry.”
He said the NUPRC had continued to demonstrate exceptional leadership, in terms of regulation and has been “promoting transparency and shaping an enabling environment crucial for investment and operational excellence which is good for the industry.”
The NNPC boss said the national oil firm had recently launched the national gas master plan which would boost the country’s gas production.
Ojulari said critical projects like the OB3 and the AKK gas pipeline have continued to progress. He also presented a copy of the Gas masterplan to the CCE.
He, however, maintained that there was a need to reduce the cost of operation in Nigeria to attract fresh investments and boost Nigeria’s energy security. This, he said, would not be possible without the NUPRC’s regulatory role.
“As the national energy company operating commercially under the Petroleum Industry Act, our success is intertwined with the regulatory stewardship which we are absolutely confident will be taken to the next level. We believe that deepening this partnership will greatly enhance our ability to unlock more value for Nigeria,” he stated.
