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From Uche Usim, Abuja
The Chief Executive Officer, Nigerian Upstream Regulatory Commission (NURC), Gbenga Komolafe, has assured Nigerians of more investments in the oil and gas industry, even as he pledged the Federal Government’s commitment to shore up the nation’s oil production quota.
The new commission is tasked with the responsibility of regulating the technical and commercial activities of the d Nigerian upstream petroleum sector.
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In a podcast address to staff of the NURC, on Wednesday, from Abuja, Komolafe urged all to join hands with the board and executive management of the new agency to build a strong organisation that has the capacity to positively change the narrative in the upstream sector of the economy.
Komolafe said the establishment of the NURC “in itself would translate to landmark transformation 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 criticality of upstream activities to the Nigerian economy”.
He further stated that 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 fossils 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/.”
