September 19, 2024

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Mr Gbenga Komolafe, Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
Oil & Gas

Oil block Licencing: NUPRC extends deadline for pre-qualification documents submission

By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the extension of the deadline for the registration and submission of pre-qualification documents for the 2024 oil block licensing round.

Mr Gbenga Komolafe, Commission Chief Executive (CCE), NUPRC, announced the extension in a statement issued on Wednesday.

Komolafe said the registration and submission of pre-qualification documents which was initially scheduled to close on June 25, 2024 had been extended by 10 days, and would now close on July 5, 2024.

According to him, the data access, data purchase, evaluation, bid preparation and submission initially scheduled to open on July 4 and close on Nov. 29, will now start on July 8 and close on Nov. 29, 2024 as previously scheduled.

He said all other dates in the published 2024 Licencing Round Schedule remained the same unless otherwise communicated.

“In pursuit of the Commission’s commitment to derive value from the country’s abundant oil and gas reserves and increase production, the Commission has been working assiduously with multi-client companies to undertake more exploratory activities.

“This is to acquire more data to foster and encourage further investment in the Nigerian upstream sector,” he said.

Komolafe said that as a result of additional data acquired in respect of deep offshore blocks, the Commission had added 17 deep offshore blocks to the 2024 Licensing Round.

He said that further details on the blocks could be found on the bid portal.

“In accordance with the published guidelines, we had earlier indicated that some of the assets on offer should be applied for as clusters, namely: PPL 300-CS & PPL 301-CS, PPL 2000 and PPL 2001.

“Bidders are hereby advised to bid for those blocks as clusters or as single units; it is optional,” the statement quoted Komolafe as saying.

Recall that some deep offshore blocks and other blocks which cut across onshore, were put on offer for the 2022/2023 Mini Bid Round.

Continental shelf and deep offshore terrains were also put on offer for the Nigeria 2024 Licencing Round.

In order to vacate entry barriers, the Commission had sought and obtained the approval of President Bola Tinubu, in line with his determination to create enabling and attractive investment regimes in the upstream oil and gas sector.

Tinubu who is also the Petroleum Minister had approved attractive fiscal regimes and also minimised entry fees for both licencing rounds by putting a cap on the signature bonus payable for award of the acreages.

“Consequently, it is necessary to ensure that the same bid criteria (in addition to the uniform signature bonus criteria) are applicable for both licencing rounds, to promote transparency and provide a level playing ground for all bidders.

”Since the criteria for the award of the oil blocks are now much more attractive than they initially were during the 2022/2023 Mini Bid Round, it is in the interest of equity and fair play to give all investors the same opportunity to bid for the assets.

”All blocks in the 2022/2023 and 2024 Licencing Rounds are available to all interested investors on br.nuprc.gov.ng and br2024.nuprc.gov.ng respectively.

“And the 2022/2023 Mini Bid Round registration phase is reopened to new applicants.

“The public is therefore invited to take advantage of this development and attractive entry terms and conditions and participate in the exercise,” the statement also quoted Komolafe as saying. (NAN)(www.nannews.ng)

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Edited by Emmanuel Afonne

L-R: Dr Orji Ogbonnaya Orji, Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI) and the Commission Chief Executive (CCE), Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe at the maiden edition of NEITI House Policy Dialogue
Oil & Gas

NUPRC opens bid for 17 marginal oil fields – Komolafe

By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it has begun the conduct of fresh bid round for marginal oil fields in Nigeria.

The NUPRC said 12 oil fields would be offered together with the five from the 2022 bid round that was put on hold due to the 2023 general elections.

The Commission’s Chief Executive, Mr Gbenga Komolafe, said this at the Maiden Edition of the Nigeria Extractive Industries Transparency Initiative (NEITI) Policy Dialogue on Monday in Abuja.

The NEITI House Dialogue is a platform for quarterly policy briefing by Chief Executive Officers and policy makers in the extractive industries to update the public on their activities.

It enables them present information and data on key transparency and accountability policy reform efforts either accomplished or ongoing in their respective organisations.

Komolafe, in his presentation, said the bid round would be conducted between 2024 and 2025.

He stated that the Commission would conduct a comprehensive review of all awarded assets to ascertain active and idle assets in the industry.

He assured that the process would be fair, transparent and competitive in line with Section 73(1) of the Petroleum Industry Act (PIA).

He said it would be difficult to put a figure to the amount that would be generated from the bid round, adding, however, that it would run into billions of dollars.

According to him, the country’s oil production is currently hovering around 1.4mbpd and 1.5mbpd.

He said the petroleum environment prior to the PIA was chaotic, but had been changed with 25 regulations put in place by the Commission.

He added that the sector had become predictable for investors to come in.

Komolafe said the Commission awarded 49 gas flare sites under the gas commercialisation programme of the Federal Government, and generated N4.344 trillion revenue in 2023.

Earlier, in his Opening Remarks, the NEITI Executive Secretary, Dr Orji Ogbonnaya Orji, said the Dialogue would host notable policy makers in Nigeria’s extractive industries and related sectors.

Orji said it would address issues that were of interest and topical to the industry.

He added that the policy dialogue would also get the invited policy maker to provide update or status report on the implementation of NEITI report recommendations as it concerned the agency.

“This is with a view to deepening not just government oversight and reforms in the extractive sector, but making it inclusive of all stakeholders.

“Selected section of company representatives, media and civil society actors will be invited to the programme live.

“This is to demonstrate the multi-stakeholders’ nature of the Extractive Industries Transparency Initiative (EITI) process,” he said. (NAN)(www.nannews.ng)

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Edited by Salif Atojoko

Mr Gbenga Komolafe, Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
Oil & Gas

NUPRC to produce templates for domestic crude oil supply

By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has given its enforcement committee 48 hours to produce a template for a seamless implementation of Domestic Crude Oil Supply Obligation (DCSO) in Nigeria.

The Commission Chief Executive, NUPRC, Mr Gbenga Komolafe, gave the charge on Tuesday in Abuja while speaking at a meeting to review the Domestic Crude Oil Supply Obligation.

The News Agency of Nigeria (NAN) reports that the implementation of the DCSO is provided under Section 109 (2) of the Petroleum Industry Act (PIA) 2021.

NAN also reports that the committee on DCSO was constituted by the commission to resolve issues arising from crude supply regulation and enforcement.

Komolafe, who emphasised that priority must be given while supplying crude to local refineries, said that the overall objective of the government was to ensure that Nigeria became a net exporter of refined petroleum products.

“Producers should satisfy their domestic crude oil supply to the domestic refineries, so that as a nation, we can seize the opportunity to reverse the ugly trend.

”We can do this by ensuring development of the midstream and end being a net exporter of petroleum products.

“This is necessary now that we are trying to exit the subsidy regime; the only way to sustain that is to become robust in our domestic refining capacity,’’ he said.

He explained that the commission expected that the complaints received from the oil producers and Dangote Refinery would be taken seriously and resolved in the next 48 hours.

Komolafe, while listing the issues raised, said that the inability to factor in the provisions of the law while executing contractual agreements was challenging.

This, he said had resulted in some companies being reluctant to allocate a portion of their production to domestic refineries.

He listed others as change in vessel nomination under 24 hours to lay-can; inability to provide the required financial instrument/backing prior to loading and the delay in expected time of arrival of vessels.

He said this had resulted in production cut which was inimical to the national budgetary targets.

Others, according to him are frequent change in lay-cans for crude oil allocated to domestic refineries and delays at loading terminals after the arrival of the loading vessel.

Also speaking, the Chairman, OPAC Refinery, Mr Momoh Oyarekhua, said that the local refiners have received almost no crude oil from producers in the past three years.

Oyarekhua disclosed that in spite of having a refining capacity of 10,000 barrels per day, the OPAC Refinery received just 1,500bpd in 2022.

He urged the Federal Government to resolve the issue of currency of payments for crude oil supplied to local refineries, whether it would be in Naira or dollars as demanded by the producers.

Some of the oil producers who participated in the meeting also endorsed the policy, adding that meeting demands for local refineries required additional investment, to boost production.

They stated that with companies trying to fulfil existing supply contracts, it was impossible for them to switch oil supply to local refineries.

Representatives of the Oil Producers Trade Section (OPTS) and Independent Petroleum Producers Group (IPPG) urged the government to address the challenges facing the industry.

It would be recalled that the Federal Government had expressed concerns over the capacity of the industry to meet its domestic crude obligations to local refineries, insisting that supply to local refineries remained a priority.

Oil production in 2024 had so far failed to meet budgetary targets of 1.78 million per day, and with several refineries scheduled to come on-stream, concerns about the feedstock supply to refineries have increased since 2024. (NAN)(www.nannews.ng)

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Edited by Emmanuel Afonne

Mr Gbenga Komolafe, Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
Oil & Gas

NUPRC boss seeks collaboration with police to combat oil theft

By Emmanuella Anokam

The Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission, Mr Gbenga Komolafe, is seeking enhanced collaboration with the Nigerian Police toward curbing oil theft in the country.

The CCE said the collaboration would help to arrest the daunting challenge of oil theft in Nigeria’s petroleum sector,

Komolafe emphasised the urgent need for a united front against the escalating challenges posed by the menace when he visited the Inspector General of the Nigerian Police Force, kayode Egbetokun, at the Force Headquarters in Abuja on Thursday.

Komolafe, in a statement signed by Mrs Victoria Okefe, Manager, Corporate Communications, said the collaboration was necessary to curb the illicit activities which had plagued the nation’s oil and gas industry.

Painting a horrid picture of the menace and the detrimental effect it has on the countrys economy, the NUPRC boss underscored the importance of joint efforts to safeguarding Nigeria’s commonwealth.

After briefing the Inspector General on the efforts made so far by the Commission, in collaboration with other security agencies and relevant agencies of government, the CCE said arresting the menace required a joint approach and strategic coordination.

He said this informed his decision to seek partnership with the Nigerian Police to leverage its expertise in law enforcement, particularly in apprehending and prosecuting perpetrators.

Responding to the request, the Inspector General acknowledged the severe impact of oil theft on both the financial landscape and the reputation of the country.

Egbetokun agreed on the need for urgent action to deal with the situation for the sake of the growth and stability of the national economy. (NAN)(www.nannews.ng)

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Edited by Salif Atojoko

Mr Gbenga Komolafe, Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
Oil & Gas

NUPRC rolls out action plan for 2024

By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has rolled out its action plan for 2024 and near term 2024 to 2026 while highlighting regulatory actions to be implemented in furtherance of its mandate.

The Commission’s Chief Executive (CCE), Mr Gbenga Komolafe, in a statement on Monday said the Regulatory Action Plan (RAP) was focused on predictability, future licencing rounds policy and implementation, unit cost of production optimisation and automation.

Komolafe said it also focused on business process improvements for operational efficiency, promoting ease of entry and investment retention, vacating entry barriers associated with huge asset acquisition fees, deepening transparency, accountability and elimination of discriminatory practices.

He listed others as implementation of a carbon credit earnings framework for upstream operations, accelerating the execution of oil and gas development and production projects, and enforcement of Drill or Drop provisions of the Petroleum Industry Act.

“Other areas of focus include the optimisation of federation revenues, decarbonisation and greenhouse gas (GHG) emissions management in producing environment and Incorporation of green story in FDPs.

“It includes diligent monitoring of implementation of the Nigerian Gas Flare Commercialisation Programme (NGFCP) awarded sites for optimum flare-out monetisation and Host Community Trust Fund implementation and guiding the trust fund activities.

“This will reduce agitation in the operations areas and 100 per cent hydrocarbon accounting,’’ he said.

The CCE further said that the RAP also targeted the implementation of the new production curtailment regime and domestic crude supply obligation, annual asset performance assessment and reviews, enforcement of Domestic Crude Supply Obligation (DCSO).

He said it targeted Domestic Gas Distribution Obligation (DGDO) to improve domestic refining capacity, implementation of frontier exploration fund, decommissioning and abandonment fund and zero tolerance to default in royalty payment.

According to him, value creation through approval of annual work programme/budget and monitoring of financial viability, crude oil and gas pricing in contemporary terms, and revenue generation and implementation of zero default strategy on payment of royalty are included.

Komolafe indicated that the foregoing represented in broad terms the key thematic focus areas that would underpin the Commission’s activities in 2004.

“These are in addition to the Commission’s commitment to its general objectives and functions as provided in the PIA and by implication all other laws relating to upstream petroleum operations in Nigeria,” he added.

He explained that the aim of focusing on these areas was to bring into rapid effect, the transformation of the sector envisaged by the PIA (2021) and ramp up the efficiency and performance of the Sector.

He was optimistic that the implementation of these initiatives would increase revenues generated for government from the industry, improve operating environment, optimise value, generate jobs, and position the country as a destination for foreign direct investment. (NAN)(www.nannews.ng)

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Edited by Vincent Obi

Mr Gbenga Komolafe, CCE, NUPRC
Oil & Gas

COP28: NUPRC unveils regulatory framework for energy transition, decarbonisation, others

By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled the Regulatory Framework for Energy Transition, Decarbonisation and Carbon Monetisation for upstream operations in Nigeria.

The unveiling was at the ongoing United Nations Climate Change Conference 2023 (COP28) in Dubai, United Arab Emirates.

The Commission’s Chief Executive (CCE), Mr Gbenga Komolafe, made the announcement in his keynote address at a roundtable discussion themed “Driving Sustainable Upstream Operations to Achieve Just and Equitable Energy Transition”.

Komolafe, in a statement on Monday said the commission was championing the decarbonisation of upstream operations.

This is to sustain investments for energy security and economic development in line with national aspirations and UN Sustainable Development Goals (SDGs).

The CCE said that the framework was hinged on seven pillars including; Natural Gas Shift, zero routine gas flaring and methane abatement.

Others are carbon market development, technology and innovation, upstream operations efficiency, incentive mechanism, collaboration and risk management.

“I urge all stakeholders, government agencies, operators, international development partners and multilateral agencies to join us as we progress the steady implementation of the Framework within the coming months, which will be underpinned by applicable Directives, Guidelines, and Regulations.

“Interestingly, the implementation of the Regulatory Framework has already commenced on the heels of the introduction of the Gas Flare, Venting and Methane, Prevention of Waste and Pollution Regulations 2023.

“This provides the renewed legislative basis to take firm actions on gas flaring, venting and fugitive emissions,” he said.

Similarly, the implementation of the 2022 Guidelines for Management of Fugitive Methane and Greenhouse Gases Emissions in the Upstream Oil and Gas Operations in Nigeria, which was inaugurated at COP27, is achieving commendable outcomes.

Furthermore, Komolafe highlighted the success of the ongoing execution of the Nigeria Gas Flare Commercialisation Programme (NGFCP) as a major climate action initiative for Nigeria in the nation’s energy transition pathway.

He said the NGFCP projects, when fully executed, would mop up 50 per cent of Nigeria’s flares accounting for an equivalent of 6-7 Million tonnes of CO2 emission per year, in addition to significant socio-economic impacts.

While acknowledging the considerable support of international development partners on the NGFCP, the NUPRC boss called for enhanced assistance from climate action stakeholders in technical areas, project financing/funding, carbon credit earning framework and capacity building.

During the ensuing discussion, the participants exchanged ideas on how Nigeria can attain climate neutrality through energy transition and the implementation of decarbonisation measures.

In attendance were Claire Wang, Office of the U.S Special Presidential Envoy on Climate Change, Martina Otto, Head of Climate and Clean Air Coalition, UN Environment Programme, Jonathan Banks, Global Director, Clean Air Task Force, and Mrs Funmi Ogbue, Managing Director, ZIGMA Oil and Gas, among others. (NAN)(www.nannews.ng)

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Edited by Bashir Rabe Mani

NUPRC Chief Executive Officer, Mr Gbenga Komolafe, flanked by the Executive Commissioner, Environment, Safety and Security Matters, Captain.John Tonlagha (left) and Evangelist Prince Didey (right) and Chief Ayori Emami, Warrington Community leaders during a meeting with Chevron officials at the NUPRC Hqtrs, Abuja.
Oil & Gas

NUPRC intervenes in Chevron/Escravos dispute

By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has waded into the dispute between Chevron Nigeria Limited and communities within the company’s Warri exploration and production area, Delta State, over Host Communities Trust Fund.

The NUPRC urged both parties in the dispute to maintain the peace, pending the resolution of the matter.

At a meeting between the feuding parties at the NUPRC headquarters in Abuja, the Commission’s Chief Executive (CCE), Mr Gbenga Komolafe, urged them to maintain the status quo and ensure that peace reigned in the operational area.

The dispute between Chevron and the Ugbororo, Ugbegugun and Denbele communities in Warri South Local Government is over the naming of the host community trust fund established for the communities and the composition of its Board of Trustees.

People from the three communities were reported to have staged a protest in the Escravos Terminal area, accusing Chevron of going against the Petroleum Industry Act (PIA 2021).

Komolafe, in a statement by Mrs Olaide Shonola, Head Public Affairs and Communication Unit, NUPRC, said NUPRC as the regulator was determined to ensure that the proper thing is done immediately.

Having listened to the submissions of the parties, Komolafe issued a regulatory position and directed Chevron on the resolution of the matter which must be implemented within two weeks.

He emphasised that the law which was very explicit on the matter in contention must be obeyed by all the parties concerned.

Among other directives, the CCE called for the immediate convening of consultation meetings with the communities on the proper delineation and naming of the Fund in compliance with the PIA.

He equally called for the re-composition of the Board of Trustees in line with an earlier directive of the Commission.

“The process which must be supervised by the Commission’s Warri Regional Office is expected to be finalised and the report sent to the Commission within two weeks,” he said. (NAN)(www.nannews.ng)

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Edited by Vincent Obi

Chief Executive Officer (CEO), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), being presented with an award of Honorary Degree of Doctor of Science (D.SC) Honoris Causa
Education , Oil & Gas

NUPRC boss, Fashola, bag honorary degrees in UNIBEN

By Nefishetu Yakubu

The University of Benin (UNIBEN) has conferred on Mr Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the award of Honorary Degree of Doctor of Science (D.SC) Honoris Causa.

The award was conferred at the just concluded 48th convocation ceremony held at the university on Saturday in Benin.

Among the honorees are the immediate past Minister of Power, Works and Housing, Babatunde Raji Fashola and Mrs Betsy Obaseki, wife of Gov. Godwin Obaseki of Edo.

Other recipients include the Chief Operating Officer, Green Energy International Limited (GEIL), Mr Kayode Adegbulugbe and Chief Charles Owensuyi-Edosomwan, SAN, among others.

Shortly after the conferment, Komolafe thanked the management of UNIBEN for the honour, adding that the award was a call to more service to humanity

Komolafe said “the lesson from this award is that we all live in a society and that it shows that whatever that we do, the society is watching.

“And that we should strive to give our best to the nation, believing that the nation is watching so that our labour will not go unrecognised.

“Today my self and other honorees are appreciative of the University of Benin’s recognition of our various individual contributions to national development and we are poised to do more to this great nation.

According to him, the young ones should feel challenged by this to contribute their quota to national development, adding that their contributions would be recognised.

On his part, Babatunde Fashola charged the graduands to give back to the society as their degrees were a service to the society and the school.

“On behalf of the honorees, i pledge our commitment to the university of Benin,” he said.

Also, the Vice Chancellor, Prof. Lilian Salami, said the awardees made unique and outstanding contributions to the progress of the university and national development. (NAN)(www.nannews.ng)

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Edited by Idris Abdulrahman

Mr Gbenga Komolafe, NUPRC Chief Executive
Oil & Gas

NUPRC has zero tolerance for corruption, operates anti-corruption philosophy – CCE

By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it operates anti-corruption philosophy and will continue to demonstrate zero tolerance for corruption in its dealings with other organisations.

The commission said as a creation of the Petroleum Industry Act (PIA 2021), it would remain committed, and be anti-corruption visible.

Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, said this on Thursday in Abuja at an anti-corruption and transparency guidelines sensitisation session for NUPRC staff by the Independent Corruption Practices and Other Related Offences Commission (ICPC).

He said the sensitisation would precede the setting up and inauguration of Anti-Corruption and Transparency Unit (ACTU) in the commission.

ACTU is an ICPC initiative approved by the Federal Executive Council (FEC) in 2001 to serve as an in-house mechanism to curb corruption and build an ethical institution.

The ICPC officials in attendance were led by Mr Adebayo Obaniyi, Acting Director, System Study and Review Department, ICPC.

Komolafe said the forum was convened to sensitise the commission on the requirements for compliance with anti-corruption guidelines by the ICPC prior to the inauguration of its committee.

“As a revenue generating organisation, we are open and transparent and imbibe anti-corruption principle, while collaborating with other agencies in our dealings.

“Under my watch, we will continue to be transparent and remain a corruption free organisation while collaborating with ICPC and other anti-corruption bodies,” he said.

Komolafe, while expressing enthusiasm to collaborate with ICPC charged all members of staff to continue to display zero tolerance for corruption.

In an address, Mr Goddy Ineh, Head, Servicom, NUPRC, said as a revenue generating agency of the government it was important that it complied with guidelines of the ICPC.

Ineh thanked the CCE who deemed it fit that the unit must be instituted, thereby expressing satisfaction with the transparency and anti-corruption unit.

In a lecture titled, “Essence, Structure and Role of ACTU in MDAs,” Obaniyi underscored the need for both management and staff to embrace the concept of ACTU and ensure its success.

He stated that for one to be an ACTU member, he or she must have attained some level of integrity because it served as the ICPC engagement platform for public sector.

“ACTU is not a tool for bullying staff, witch-hunting or rival to management but staff must be given attention when necessary.

“It guides management on due process in procurement, promotion and discipline, among others,” he said. (NAN) (www.nannews.ng)

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Edited by Salif Atojoko

Mr Gbenga Komolafe, CCE, NUPRC
Oil & Gas

Petroleum Operations: NUPRC reviews regulations for clarity, licensees’ commitment

By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is reviewing novel regulations aimed at ensuring regulatory clarity and compliance by licensees and permit holders, to maintain ethical standards in the upstream petroleum operations.

The NUPRC said the regulations when reviewed would ensure strict commitment and provide clarity on the implementation of the dual regulatory regime in the upstream occasioned by the preservation of licensees and leases.

Mr Gbenga Komolafe, Commission Chief Executive (CCE), NUPRC, made this known on Wednesday in Abuja at the 2nd segment of the 4th Phase of its Consultation Forum with Stakeholders on regulations development.

Komolafe said the forum was mandated by Section 216 (4) (g) of the Petroleum Industry Act (PIA), as three regulations were considered for review.

He listed the three regulations to include Draft Upstream Petroleum Code of Conduct and Compliance Regulations, Draft Upstream Petroleum (Administrative Harmonisation) Regulations and Draft Amendment to the Nigerian Upstream Petroleum Host Communities Development Regulations 2023.

Komolafe was represented by Mr Kingston Chikwendu, Head, Compliance and Enforcement, NUPRC.

He noted that the Draft Upstream Petroleum Code of Conduct and Compliance Regulations and Draft Upstream Petroleum Administrative Harmonisation Regulations were two new regulations out of the three being reviewed.

The CCE said that the two were newly introduced to further guide players in the industry and consider issues bothering on compliance, administration and enforcement.

He explained that the regulations prescribed acceptable conduct for the industry where strict rules were followed because of the type of risks involved in the business of global petroleum operations.

“So we want to set up a framework to enable both the regulator and the regulated entity to carry out operations based on certain rules and principles globally accepted.

“The need for the Upstream Petroleum Administrative Harmonisation Regulations is actually derived from the PIA which tries to revolutionise the industry to create a dual regime.

“This is because we still have the old Petroleum Act which is still on till all licenses granted under it expire.

“Because of that, we need to do harmonisation regulation to enable the regulator to know which aspect of the Petroleum Act that will be applied generally and the aspect of the PIA to be applied particularly to preserve rights of licensees and leases.

“Today’s session is part of the continuation of an ongoing series and so far we have held four phases of consultations since the first one which started in August 2022; within this period the commission has issued 14 regulations.

“The commission has identified between 26 to 30 regulations considered as key regulations required for effective implementation of the PIA,” he said.

The CCE said it had made significant progress and considered the engagement important because of the buy-in of the players in the industry and members of the public.

The News Agency of Nigeria (NAN) recalls that the first segment of the 4th Phase Consultation Forum with Stakeholders on regulations development held from Oct. 9 to Oct. 13.

The segment consulted on four regulations out of the seven listed which included Draft Upstream Commercial Operations Regulations, Upstream Petroleum Development Contract Regulations, Upstream Revocation of Licences and Lease Regulations, Petroleum Assignment of Interest Regulations 2023.

He expressed satisfaction on the feedback received during the consultation and assured that work was ongoing to finalise the regulations and proceed with further processes involved in getting them issued in the country.

The forum was attended by the officials of NUPRC, Independent Petroleum Producers Association and Indigenous Operators among others.

NAN reports that the consideration and input of stakeholders’ on the regulations will be forwarded to the Attorney General of the Federation and Minister of Justice for approval. (NAN)(www.nannews.ng)

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Edited by Emmanuel Afonne

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