By Obas Esiedesa

The Nigerian Upstream Regulatory Commission (NUPRC) has disclosed that synergy and collaboration among stakeholders in the oil and gas sector is critical to achieving the objectives of the Petroleum Industry Act (PIA).

NUPRC Chief Executive Officer, Engr. Gbenga Komolafe, in a statement yesterday pointed out that the PIA which was signed into law after almost two decades has created a clear fiscal and regulatory framework for the industry.

According to him, the objective of the Act was to “attract investment to Nigeria’s oil and gas sector and optimise the nation’s hydrocarbon resources for national development”.

Engr. Komolafe noted that was aimed at increasing the nation’s oil and gas reserves and reduction in operating costs in the country.

The CEO, who had held several engagements with stakeholders in the industry since assuming office, noted that the effective implementation of PIA was very important to the Buhari-led administration.

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He said: “We must continue to collaborate, synergise, and build partnerships across all agencies of government and our stakeholders, for the purpose of innovation, data gathering, information sharing and to breach specialised human capacity gaps among others, as these are positive drivers to improve local human capacity for Nigeria,” he said.

He said the Commission has the responsibility of technical, operational and commercial regulation of upstream petroleum operations in Nigeria,, adding that the goal of the commission was to function as a 21st century regulator by promoting an enabling environment for investment in upstream petroleum operations.

Komolafe stressed that the Commission would however, ensure strict implementation of environmental policies, laws and regulations for upstream petroleum operations.

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