NUPRC - NEWS AGENCY OF NIGERIA

isaac aregbesola
Oct, Thu, 2024

Tinubu tasks NUPRC, industry players on crude production

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By Emmanuella Anokam

President Bola Tinubu has tasked industry players to collaborate with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in realising its One Million Barrels Oil Per Day (1MMBOPD) Initiative.

Tinubu said this on Monday in Abuja during the inauguration of Project 1MMBOPD Initiative and commemoration of the third anniversary of the NUPRC under the Petroleum Industry Act (PIA 2021).

The project is an NUPRC collaborative initiative to evolve alternative funding mechanisms to unlock incremental oil production in the short-to-medium term with expanded opportunities for all industry stakeholder groups.

Represented by Sen. George Akume, Secretary to the Government of the Federation, Tinubu charged relevant industry stakeholders to join NUPRC in realising set goals of incremental oil production target within specific timelines.

He said the shared responsibility initiative would be a collaborative undertaking, involving government agencies, major producers, service providers, financiers, host communities and other stakeholders.

This, he said, would expand government revenue, eradicate poverty and increase Gross Domestic Product (GDP) in a sterile, shared prosperity.

“These commitments will be critical in ensuring that we achieve an incremental production in the next 12 months. Growing not just production levels, but also increasing efficiency and competitiveness of our industries.

“This initiative is of national importance and it should support Nigeria’s economic recovery and growth,” the president said.

The president said his administration while focusing on decarbonisation approaches to oil and gas, a renewed drive for economic diversification, usage of oil and gas industrials and development, remained intact.

He expressed delight that the sector had witnessed major financial and investment decisions across the value chain, since inception of the reform.

“To this end, we must work more subtly to grow production, meet domestic energy security needs and shore up foreign exchange gains.

“I congratulate all active oil and gas industry players for the modest gains in oil production which rose to 1.6 million barrels per day.

“I am pleased that the NUPRC, working with industrial stakeholders has transformed that executive charge into a tangible measure set as progress to one million barrels per day in oil and gas production.

“By enhancing domestic energy security and supporting growing vibrancy, this initiative will ensure that Nigeria remains a crucial player in the global energy asset and means of worldwide energy transition.

“Increased oil production will mean more job opportunities, increased revenue for the government, and more stable energy supply for the assets,” he said.

Tinubu commended the Ministers of State for Petroleum Resources (Oil and Gas), NUPRC, NNPC Ltd., industry captains and oil producing organisations for delivering to contemporary challenges to foster development. (NAN)(www.nannews.ng)

Edited by Rabiu Sani-Ali

Rabi'u Sani Ali
Oct, Fri, 2024

Oil & Gas

Litigations delay implementation of host communities trust fund – Stakeholders

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By Emmanuella Anokam

The Host Communities of Nigeria Producing Oil and Gas (HOSTCOM), says litigations is delaying the Host Community Development Trust (HCDT) Fund creation and implementation.

HOSTCOM said pending issues by host communities in choosing members and chairman of the Board of Trustees (BoT), also delayed the implementation of the HCDT funds.

Dr Benjamin Tamaranebi, National President, HOSTCOM, gave the clarifications on Thursday in Abuja, while reacting to claims on the Host Community Project Funding in Akwa Ibom.

The HCDT is responsible for managing and distributing oil company funds to the host communities, ensuring that resources are used effectively for community development projects.

Host communities in Akwa Ibom had decried delayed release of funds by oil companies to HCDT, alledging that it hindered projects implementation outlined in their respective development plans.

Community representatives from HCDT in Ibeno, Eket, Mbo, Esit Eket, Uruan and Ikot Abasi LGAs, chided the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC), for its inability to enforce statutory sanctions on defaulting oil companies.

However, Tamaranebi dismissed as “unfounded,” alleged delays in funding development projects in host communities in Akwa Ibom.

“We must state clearly that some of the delays of HCDTs creation are caused by community members and litigations over who wants to be a member and chairman of the Board of Trustees which has nothing to do with NUPRC.

“So, we advise communities to conduct themselves properly for the benefit of the HCDT funds,” he said.

Dr Benjamin Tamaranebi, National President, HOSTCOM

He said the NUPRC initiated the HCDTs Forum to meet with community representatives through its HCDT trustees, to address broader issues and grievances ensuring continuous dialogue between host communities and the operators.

The national president said the forum had promoted transparency and accountability towards ensuring that community voices are heard at a higher level.

Tamaranebi said there was registration of reputable 34 asset/fund manager to invest 20 per cent of the three per cent Operating Expenses or Expenditure (OPEX) on behalf of the trusts.

“Some of the trusts are already benefiting from the dividend of this investments.

“These achievements underscore the commitment of the NUPRC and Settlors to the sustainable development of host communities.

“We encourage all stakeholders, including community members and operators, to maintain open lines of communication with the HOSTCOM or NUPRC,” he said.

On project implementation, Tamaranebi urged parties to engage with HOSTCOM directly for resolution rather than resorting to public statements that may misinform or escalate tensions.

He said HOSTCOM was actively monitoring the situation in Akwa Ibom and other states, to advocate for the rights and developmental needs of local communities. (NAN)(www.nannews.ng)

Edited by Chijioke Okoronkwo