The Nigerian Upstream Regulatory Commission ( NUPRC) says synergy and collaboration among stakeholders in the oil and gas sector is critical to achieving the objectives of the Petroleum Industry Act (PIA).
Mr Gbenga Komolafe, Chief Executive Officer, NUPRC, made the assertion in a statement issued on Wednesday in Lagos.
Komolafe said the Commission was one of the petroleum regulatory agencies established following the signing of the PIA into law by President Muhammadu Buhari on Aug. 16.
He said the PIA which was signed into law after almost two decades has created a clear fiscal and regulatory framework for the industry.
Komolafe said the objective of the Act was to attract investment to Nigeria’s oil and gas sector and optimise the nation’s hydrocarbon resources for national development.
According to him, this is aimed at increasing the nation’s oil and gas reserves and reduction in operating costs in the country.
Komolafe said the commission had held several engagements with stakeholders in the industry, noting that the effective implementation of PIA was very important to the Buhari-led administration.
“We must continue to collaborate, synergise, and build partnerships across all agencies of government and our stakeholders.
“This is for the purpose of innovation, data gathering, information sharing and to bridge specialised human capacity gaps among others, as these are positive drivers to improve local human capacity for Nigeria,” he said.
Komolafe said the commission had the responsibility of technical, operational and commercial regulation of upstream petroleum operations in Nigeria.
He said the goal of the commission was to function as a 21st century regulator by promoting an enabling environment for investment in upstream petroleum operations.
Komolafe added that the NUPRC would, however, ensure strict implementation of environmental policies, laws and regulations for upstream petroleum operations. (NAN)