Upstream Commission Boss Assures Of Increased Investments In Oil Sector 

The Chief Executive Officer, Nigerian Upstream Regulatory Commission (NURC) Engineer Gbenga Komolafe has pledged the Federal Government’s commitment to shore up the nation’s oil production quota and boost investments in the upstream segment of the oil and gas industry.

The new commission is charged with the regulating the technical and commercial activities of the Nigerian upstream petroleum sector.

In a podcast address to staff of the NURC from Abuja, Komolafe called on the stakeholders to join hands with the board and executive management of the new agency to build a strong organization that has the capacity to positively change the narrative in the upstream sector of the economy.

Komolafe said that the establishment of the NURC in itself, would translate to landmark transformations in the industry that is expected to usher in massive investment in the industry for enhanced revenue to fund Nigeria’s social budget given the critical roles upstream plays in the Nigerian economy”.

According to him, the oil and gas sector of the economy is  at a critical and significant moment in the life of the industry whereby energy transition from fossil fuels to cleaner energy is competing “with the need for us to raise the bar of our crude oil and gas production from the current level of 1.4 mbbls/d to 2.4 mbbls/d.

“We are not unmindful that the expectations are high, but we are quite determined to surmount the task ahead and hit the ground running. Aside, our confidence is elevated by the team spirit and the capability of you all to deliver on the assigned mandate.”

Komolafe said that the executive management team planned to get the buy-in of all the staff in achieving the expected results , stressing: “We do not ascribe to ourselves the wisdom of Solomon and nobody is a repository of knowledge.

“Our leadership approach will be anchored on inclusive management.”

He said  that with the passage of the Petroleum Industry Act (PIA) “we are at a significant era in the industry where the local and international community are eagerly awaiting our performance, saying:

“We are determined under our leadership to deliver a 21st century upstream petroleum regulator anchored on principles of effective and efficient services, transparency, professionalism and cost consciousness.”

While applauding President Muhammadu Buhari and the National Assembly for the passage and accent to the PIA, the Upstream boss said  that the team is “committed to laying a solid regulatory foundation that the future generations will build upon, especially that the clarity provided by the PIA has clearly defined the boundaries of our job.”

He maintained that with the foundation now laid in the oil and gas sector with the PIA: “what is left is for all of us as a team to roll our sleeves as we set to deliver on our variously assigned tasks.

“As we settle down to work, we shall unveil the outlook of the new commission, the regulation and the blueprint of our strategic plan in the coming weeks.

“Our focus is to build a completely brand-new organization with a new vision, mission, culture, ethos in line with international best practices and this will entail our handshake across the border and frontier of Nigeria with similar international regulatory agencies.”