By Adewale Sanyaolu
The Nigerian Upstream Petroleum Regulatory (NUPRC) has said that the recently introduced measurement regulation will save Nigeria billions of dollars in revenue loss as it begins the effective implementation of the Petroleum Industry Act (PIA).
Commission Chief Executive (CCE), NUPRC, Mr. Gbenga Komolafe, disclosed this on the sidelines of the Sun Awards 2023, shortly after he was presented The Sun Public Service Award in Lagos on Saturday.
He explained that the Commission in two and a half years of coming onboard has been able to churn about 17 regulations as regulatory tools which serve to ensure certainty and predictability in the activities in the upstream industry as against what obtains in a pre PIA regime.
Komolafe said since the discovery of oil in Nigeria in 1956, this was the first time the industry is having a regulation on oil measurement.
He noted that the measurement regulation is one of the gains of the post PIA, saying prior to the Act, such regulation was not in existence.
He added that the task of nation building is a collective effort that requires the aggregation of the energy of the citizenry and not a responsibility that should be left in the hands of government alone.
‘‘It requires that all of us as citizens of Nigeria in whatever ramification we find ourselves should contribute our quota in a very dedicated manner towards the task of nation building.
So for us in NUPRC and in two and a half years that we resumed as pioneers to set up the NUPRC, we have dedicated ourselves to the service of the Federal Republic of Nigeria. In doing that, we have been working silently and assiduously in ensuring that we implement our statutory mandate effectively in a manner that has now become a success story.
According to him, all these attest to the positive feedback from the industry which, he said has translated to about 30 rigs count from 11 that the industry had in 2011.
Rig counts are a measure of the vibrancy of activities in the upstream industry
‘‘We have been able to attract investors’ confidence, certainty and predictability in the industry. If you check, we have attracted CAPEX running into billions of Dollars into the Nigerian upstream sector.
So, gradually we are happy that we have success story to tell just in two and a half years. And while doing this with my dedicated team, we never knew the industry and relevant stakeholders are watching, culminating in the Award by Sun Publishing Limited today.
So what you have seen today is a message that the Nigerian society are watching and that the ward further serves to propel us to higher service to the country. This Award means su much to us at NUPRC and we will strive to repose the confidence bestowed on us by not letting Nigeria down,’’.