NUPRC unveils strategic roadmap for 2024

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled its comprehensive action plan for the year 2024. Mr Gbenga Komolafe, the Chief Executive of the Commission, shared details of the Regulatory Action Plan (RAP) in a statement on Monday, highlighting key areas of focus aimed at fostering predictability, policy implementation, and operational optimization.

The RAP is designed to concentrate on several strategic objectives, including ensuring predictability, shaping future licensing rounds policies, optimizing unit cost of production through automation, and enhancing business process improvements for operational efficiency. Additionally, the plan aims to facilitate ease of entry, retain investments, eliminate entry barriers linked to substantial asset acquisition fees, and promote transparency and accountability while eradicating discriminatory practices.

Among the specific targets outlined in the RAP are the implementation of a carbon credit earnings framework for upstream operations, expediting the execution of oil and gas development projects, and enforcing the Drill or Drop provisions outlined in the Petroleum Industry Act.

Komolafe also emphasized other critical areas, such as optimizing federation revenues, managing decarbonization and greenhouse gas emissions in the production environment, integrating green practices into Field Development Plans (FDPs), and monitoring the Nigerian Gas Flare Commercialization Programme (NGFCP) awarded sites for effective flare-out monetization. The plan also includes guiding the implementation of the Host Community Trust Fund to reduce agitation in operational areas and ensure 100 percent hydrocarbon accounting.

The unveiling of the NUPRC’s strategic roadmap signals a commitment to advancing the petroleum industry’s regulatory landscape and underscores the Commission’s dedication to achieving key milestones in the coming year.