The federal government has assured that it would continue to provide a conducive environment for investments to thrive in the upstream segment of the oil and gas industry.
ln a podcast address to staff of the NURC, on Wednesday, from Abuja, the Chief Executive Officer, Nigerian Upstream Regulatory Commission (NURC) Engr. Gbenga Komolafe, insisted that the federal government would not relent as it seeks to shore up the nation’s oil production quota.
Due to the OPEC+ agreement, Nigeria’s production quota is now down to 1.4million barrel per day from over 2 million.
The NURC is tasked with the responsibility of regulating the technical and commercial activities of the Nigerian upstream petroleum sector.
Komolafe said the establishment of the NURC “in itself would translate to landmark transformations in the industry that is expected to usher in massive investment in the industry for enhanced revenue to fund Nigeria’s social budget given the criticality of upstream activities to the Nigerian economy”.
He further stated that the oil and gas sector of the economy is “at a critical and significant moment in the life of the industry whereby energy transition from fossil fuels to cleaner energy is competing with the need for us to raise the bar of our crude oil and gas production from the current level of 1.4 mbbls/d to 2.4 mbbls/d”.
The Upstream boss said “We are not unmindful that the expectations are high, but we are quite determined to surmount the task ahead and hit the ground running. Aside, our confidence is elevated by the team spirit and the capability of you all to deliver on the assigned mandate”.
The NURC helmsman noted that the passage of the Petroleum Industry Act (PIA) opens a new era in the industry where the local and international community are eagerly awaiting our performance.
“We are determined under our leadership to deliver a 21st century upstream petroleum regulator anchored on principles of effective and efficient services, transparency, professionalism and cost consciousness”.
While applauding the President and NASS for passage and accent to the PIA, Komolafe stressed the managent team is determined to lay a solid revualtory foundation for the future.
To achieve that, Komolafe urged all staff to join hands with the board and executive management of the new agency to build a strong organization that has the capacity to positively change the narrative in the upstream sector of the economy.
Komolafe noted that the executive management team planned to get the buy-in of all the staff in achieving the expected results , stressing that , “We do not ascribe to ourselves the wisdom of Solomon and nobody is a repository of knowledge”
The NURC CEO added that “Our leadership approach will be anchored on inclusive management.
He maintained that with the foundation now laid in the oil and gas sector with the PIA “what is left is for all of us as a team to roll our sleeves as we set to deliver on our variously assigned tasks, adding that “As we settle down to work, we shall unveil the outlook of the new commission, the regulation and the blueprint of our strategic plan in the coming weeks”.
He added that “In our drive to ensure best practices for a 21st century regulator, we shall equally focus on digitalization of our activities at all levels. Our staff shall be given a sense of pride through the creation of an enabling working environment.”
