NUPRC: Komolafe assures energy players of clear, rewarding fiscal climate

Nigeria’s upstream petroleum regulator Commission (NUPRC) has urged international exploration and production companies to seize the opportunities presented in prevailing regulatory environment to invest in Nigeria’s oil and gas industry.

Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr Gbenga Komolafe, declared at the ongoing AOW Energy Week in Accra, Ghana, that Nigeria now offers broader opportunities for partnerships on responsible resource development, economic growth and environmental protection.

The NUPRC is also the country’s exploration acreage lease administrator in charge of petroleum exploration, development and production.

Engr Komolafe stated that the country’s old Petroleum Act has since been replaced with a new Petroleum Industry Act (PIA) that guarantees enhanced fiscal clarity, dependable policies and executive orders that reward operating efficiency.

Engr Komolafe who featured in the Petroleum Industry Leadership Forum at the opening day of the conference noted that the high level of predictibility, certainty and incentives in the new fiscal environment comes with guarantee of high returns on investments.

He said the PIA has enabled the Nigerian energy industry industry attract new investments with clear regulations, low carbon operating initiatives and low cost environment.

In assuring investors of predictable and clear operating environment, Engr Komolafe stated that his office has rolled out numerous regulations that are supported by presidential executive orders to smoothen and quicken processes for players in the industry.

According to him, the regulatory instruments which are accessible on the NUPRC portal have inspired return of vibrancy in the industry, leading to recent approval of 28 field development plans, uptick in rig count and investment decisions on conventional and deepwater development projects.

Engr Komolafe stated that the government is intentional on building a peaceful operating environment with inclusive programmes that address host community needs.

He said the reforms in the industry are comprehensive and the implementation by regulators increasingly transparent.

In marketing the country’s licensing rounds at the event, he told delegates that licensing remains critical to exploration and production rights; adding that Nigerian bid rounds are now automated, fair and transparent.

In his final thoughts on the panel discussions, Engr Komolafe called on investors to recognize that Nigeria’s regulatory environment has changed for better, assuring that the right fiscal and policy climate awaits new investors in the Nigerian petroleum industry.