By Obas Esiedesa, Abuja

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs. Oritsemeyiwa Eyesan, has disclosed that the Commission is working with the Oil Producers Trade Section (OPTS) to reduce the multiple fees and levies faced by oil companies.

A statement by the Commission said Eyesan made the disclosure during a meeting with the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, in Abuja on Friday.

The statement, issued by NUPRC’s Head of Media and Strategic Communication, Eniola Akinkuotu, explained that the Commission and NNPC agreed to deepen collaboration to boost operational efficiency.

Eyesan noted that the NUPRC and NNPC, as institutions established by the Nigerian government, share similar goals.

She said: “As major instruments of government in the industry, we are aligned toward the same goal, and I think this is pivotal. We must not lose this golden opportunity.”

Eyesan explained that the NUPRC is focused on reducing the cost of operations by harmonising fees and rents to make Nigeria’s oil and gas sector more competitive.

To achieve this, she revealed that the Commission is working closely with the Oil Producers Trade Section (OPTS) to address the multiplicity of fees and rents and improve Nigeria’s competitiveness.

“We are working with the industry on harmonising the fees and rents that we charge,” she said, adding, “The whole idea is to harmonise and reduce them to the barest minimum so that we can lower the cost of operations.”

Eyesan further stated that the Commission is working to enhance measurement and hydrocarbon accounting.

“We have completed the first phase, which involved auditing what we already have. The second phase, which will commence shortly, will focus on implementing metering standards. This programme will involve establishing a data centre and ensuring that all meters across our locations meet required standards,” she said.

The NUPRC boss said the Host Community Development Trust (HCDT) has so far recorded success but stressed the need to fully utilise the funds for their intended purpose, noting that this would enhance community peace and improve the operating environment.

Eyesan also encouraged NNPC, as the country’s national oil company, to participate in the ongoing 2025 licensing round and deepen exploration activities.

In his remarks, the NNPC Group Chief Executive Officer, Engr. Bayo Ojulari, reiterated the need for stronger collaboration between the national oil company and the regulator.

Ojulari commended Eyesan’s appointment as Commission Chief Executive (CCE), saying, “Your antecedents, track records, integrity, forthrightness and clarity, for those who have had the privilege of interacting with you, excite the industry.”

He said the NUPRC has continued to demonstrate exceptional leadership in regulation, promoting transparency and shaping an enabling environment crucial for investment and operational excellence in the industry.

The NNPC boss disclosed that the national oil firm recently launched the National Gas Master Plan, which is expected to boost the country’s gas production.

Ojulari added that critical projects such as the OB3 and AKK gas pipelines are progressing steadily. He also presented a copy of the Gas Master Plan to the CCE.

He, however, stressed the need to reduce operational costs in Nigeria to attract fresh investments and strengthen the country’s energy security, noting that this would require strong regulatory support from the NUPRC.

“As the national energy company operating commercially under the Petroleum Industry Act, our success is intertwined with regulatory stewardship, which we are confident will be taken to the next level. We believe that deepening this partnership will greatly enhance our ability to unlock more value for Nigeria,” he said.