Adedapo Adesanya
By Adedapo Adesanya
The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has disclosed that Nigeria is gradually reversing the investment decline in the oil and gas upstream sector.
He revealed that the restoration of investors’ confidence and the creation of certainty and predictability in the sector had been robbing off on the industry, adding that active rigs had jumped from 11 in 2011 to 30 currently.
Speaking in Lagos after receiving The Sun Public Service Award 2023, during the newspaper’s 21st Anniversary Award Dinner, Mr Komolafe said the country recorded capital expenditure (Capex) worth billions of Dollars within the last two and a half years on the back of the implementation of the Petroleum Industry Act (PIA).
Recall that former President Muhammadu Buhari had in August 2021 signed the PIA to revolutionise the sector.
Mr Komolafe reiterated that the introduction of the crude oil measurement regulation, which was the first ever in Nigeria’s over seven decades of oil and gas production, would save the country billions of Dollars.
The NUPRC chief executive was among over 30 Nigerians conferred with The Sun 2024 awards in different categories for their excellence and positive impact in their respective callings in the public and private sectors.
Speaking after receiving his award, Mr Komolafe said the award would further encourage him and his team to be more dedicated to the service of the country.
Mr Komolafe said the country now had about 30 rigs in its upstream oil and gas sector, against 11 active rigs in 2011, attributing the significant improvement to the restoration of investors’ confidence in the industry.
He stated, “That is huge success for us, and you know that rig count is a measure of vibrant activities in the oil industry. We have been able to attract confidence, certainty, and predictability, into the Industry.
“If you check, we’ve attracted Capex going into billions of Dollars into the Nigerian upstream. So, gradually, we are happy that we have success stories to tell just in about less than two and a half years, and while doing this with my dedicated team, we never knew that people were watching.
“So, what you have seen today is a message that the Nigerian society is watching and that the award will further serve to propel us to higher service in the service of the Federal Republic of Nigeria.”
The commission chief executive said NUPRC had rolled out over 17 regulations with the objective of giving meaning to the intent of the PIA.
He said these regulations served as regulatory tools to ensure certainty and predictability in the activities of the industry as against pre-PIA regime.
He said, “The oil industry is now in an era of post-PIA regime where we proudly would say that, now, there is certainty and attraction of investors’ confidence.”
“So, I’m very passionate about the regulation in the sense that we feel it’s a regulation that will save Nigeria billions of Dollars as we commence the effective implementation of this regulation.”
