The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the release of 13 new regulations in the oil and gas industry. These new regulations will be in addition to the six already introduced a few weeks ago.
Gbenga Komolafe, the CEO of NUPRC, made this announcement during the Nigerian International Energy Summit in Abuja on Tuesday.
He emphasized that the new regulations are aimed at ensuring that the oil and gas sector is not strangled while also ensuring that they are in conformity with the government’s energy transition plan.
The NUPRC CEO noted that the agency has carried everyone along to ensure that the regulations are participatory. He assured stakeholders that the commission is aware of the challenges facing operators regarding the regulations and would make amendments if necessary.
Komolafe also revealed that the agency had established a carbon department charged with ending gas emissions as part of the country’s journey towards energy transition.
He emphasized that the new regulations are part of the government’s commitment to implementing the energy transition plan set for 2060.
The introduction of these new regulations is a welcome development as they would ensure that the oil and gas sector operates within the framework of the government’s energy transition plan.
The regulations are expected to promote a healthy business environment while also addressing the challenges facing operators in the industry.
The challenges bedeviling the upstream sector were also highlighted by the NUPRC CEO. According to him, funding and security are major challenges affecting operators in the industry.
The new regulations are expected to address these challenges and create an enabling environment for the industry to thrive.