The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said it is implementing the Upstream Asset Divestment Framework to guide the seamlessly non-destructive exit of divesting entities and promote sustainable operation for the acquiring parties.
This is just as the Nigerian National Petroleum Company (NNPC) Limited also assured of its support for the Dangote Refinery and all other refineries in the country to ensure that
The Commission Chief Executive, Gbenga Komolafe, made this known at an energy conference- Nigeria Annual International Conference and Exhibition (NAICE) 2024, which began in Lagos, yesterday. The conference has as its theme: “Petroleum Industry Value Chain Optimisation: The Inevitability of Midstream and Downstream Development.”
Komolafe, who was represented at the event by the Executive Commissioner, Development and Production, Enorense Amadasu, said the commission was entrenching collaboration with its sister agency, the NMDPRA and other key stakeholders to deepen end-to-end value in critical areas of operations.
To ensure robust development of oil and gas midstream operations, Komolafe said the commission would strengthen alignments on the administration of the Domestic Crude Supply Obligation and the Domestic Gas Delivery Obligation to grow the sector consistently with the provisions of the Petroleum Industry Act (PIA) 2021.
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He expressed the confidence that the commission’s effort to foster regulatory alignments in this respect would stimulate further activities for domestic energy security.
Meanwhile, the Permanent Secretary, Ministry of Petroleum Resources, Ambassador Nicholas Agbo Ella, has said that the Ministry and Nigerian government is committed to creating an enabling environment for investment and innovation in the midstream and downstream sectors.
He said: “We are actively working on policies and initiatives to attract local and international investments, foster technological innovation, and ensure regulatory compliance. One of our key focus areas is the development of infrastructure to support the efficient transportation, processing, and distribution of petroleum products.
This includes the expansion and modernization of pipelines, storage facilities, and refining capacity to meet both domestic and international demand.
We are also prioritizing the adoption of digital technologies and data analytics to improve operational efficiency and decision-making processes in the industry.
Furthermore, the Ministry is committed to promoting local content and capacity building to ensure that Nigerian companies and professionals play a leading role in the midstream and downstream sectors.
We recognize the importance of developing a skilled workforce that can drive innovation and maintain the highest standards of safety and environmental stewardship.
