Upstream Commission will attract massive investments – NURC

The chief executive officer, Nigerian Upstream Regulatory Commission (NURC), Gbenga Komolafe, has assured of the commitment to attract investments as well as shore up revenues from the oil and gas industry.

According to him, the oil and gas sector of the economy is at a critical and significant moment where energy transition from fossil fuels to cleaner energy is competing with the need to raise the bar of crude oil and gas production from the current level of 1.4 mbbls/d to 2.4 mbbls/d.

The new commission is tasked with the responsibility of regulating the technical and commercial activities of the Nigerian upstream petroleum sector.

Komolafe, while addressing the members of staff of the Commission, said that “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.

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“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.”

Speaking further, the NURC Boss noted that with the passage of the Petroleum Industry Act (PIA), the Commission will deliver a 21st-century upstream petroleum regulator anchored on principles of effective and efficient services, transparency, professionalism, and cost-consciousness”.

He disclosed that the Commission shall unveil its new outlook containing the regulation and the blueprint of its strategic plan in the coming weeks.

“Our focus is to build a completely brand-new organization with a new vision, mission, culture, ethos in line with international best practices and this will entail our handshake across the border and frontier of Nigeria with similar international regulatory agencies.

“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 enabling working environment.”

While once again reassuring staff and management of the Commission of the security of their jobs, he said “we shall be fair to all and sundry in our leadership approach, we shall do all in our capacity to address issues of worker’s welfare and give priority to good industrial relations. Human capital capacity development will be stringently pursued to ensure high standard of professionalism at all times.”