The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Chief executive, Engr. Gbenga Komolafe has said that the Commission will conclude the 2022/2023 Mini Bid Round as well as conduct a new Bid Round of 12 Blocks located in the continental shelf and deep offshore.
Komolafe who was speaking at an industry stakeholders’ meeting in Lagos, therefore called on investors to participate in the Bid Round process expected to commence soon.
The meeting which included members of the Oil Producers Trade Section (OPTS) and Independent Petroleum Producers of Group (IPPG) was meant to fine-tune strategies for the year 2024 and beyond.
The NUPRC Chief Executive, Engr Gbenga Komolafe who described the joint collaborative meeting as a defining moment in the relationship of the Commission with the two foremost associations of the Nigerian oil and gas industry, said the Commission values collaboration and partnerships toward the promotion of stability, growth and sustainability of the industry in line with Government’s aspirations.
ALSO READS:
- SANWO-OLU SIGNS LAGOS ELECTRICITY BILL
- NNPC Committed to Advancing Local Content in Nigeria’s Energy Sector
- TCN Restores Bulk Power Supply via Ahoada-Yenagoa 132kV Line
- NAE, STAC Marine celebrate one year of partnership, sign Pact for Safety
- Hybrid Group graduates 15 HSE trainees in Lagos
He said “As we drive our collective response to the changing global energy dynamics, the Commission recognises the value of regulatory stewardship anchored on proactive agenda setting, mutual engagements and participatory oversight to engender positive change for the benefit of industry participants – majors and independents alike.
At the parley, the Commission Chief Executive (CCE), revealed, that the Commission will be engaging certified metering experts to conduct a technical integrity audit of the metering facilities in the Nigerian upstream sector to ensure that metering facilities function at best practices and industry allowable limit of error.
He intimated that the Commission has equally put in place a robust framework to guide issues of divestment and implementation of Decommissioning and Abandonment and Host Community Development Trust. “In the weeks ahead, the Commission will be conducting a tour of upstream facilities in Nigeria.”
While reiterating the Commission’s commitment to pursuing a proactive agenda toward deepening trust and entrenching regulatory clarity in 2024 and beyond, Engr. Komolafe re-echoed President Bola Ahmed Tinubu, words at the sidelines of the 78th UN General Assembly in New York, that Nigeria has never been more ready for business than it is now. “This resounding statement underscores the commitment of national leadership to foster an environment conducive to business and investments.
He reminded participants of the resolve of the present administration to improve the business environment and the political ecosystem to attract investments and deepen participation in the key sectors of the Nigerian economy.
“In furtherance of Mr. President’s vision, and in recognition of the imperative for a robust and viable oil and gas sector, the Commission is unwavering in its determination to expand opportunities for existing players and facilitate the entrance of new entities.
