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  •   17 marginal oilfields currently producing in Nigeria NUPRC From left Council Chairman Society of Petroleum Engineers Prof Olalekan Olafuyi left Managing Executive Falcon Corporation Audrey Joe EzigThe Nigerian Upstream Petroleum Regulatory Commission NUPRC says 17 marginal oilfields are currently producing out of 30 fields awarded since its inception in 1999 Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the Association of Energy Correspondents of Nigeria NAEC Strategic International Conference on Thursday in Lagos The News Agency of Nigeria reports that the conference has as its theme Energy Transition Shaping the Future of Nigeria s Energy Industry an Appraisal of PIA Evolving Benefits and Challenges Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC said marginal fields award was initiated to increase participation of indigenous companies in the upstream sector and build local content capacity He said it was also targeted at creating employment opportunities and encouraging increased capital inflow to the sector and create employment opportunities Komolafe said Since its inception a total of 30 fields have been awarded 17 currently producing A breakdown of the allocation of the fields to indigenous operators is as follows two fields awarded in 1999 24 in 20032004 one each in 2006 and 2007 and two in 2010 10 years after in 2020 57 fields were put up for bidding It will be recalled that one of the major tasks inherited by the NUPRC upon its inauguration last year was the need to conclude the 2020 Marginal Field Bid Round exercise Consequently we pursued the matter frontally and are delighted to inform you that the exercise which commenced in June 2020 has been concluded with the issuance of Petroleum Prospecting License PPL to the deserving awardees The issuance of the PPL has ushered in a new dawn for our indigenous operators to hit the ground running in developing their awarded assets in line with industry best practices and to take full advantage of the increasing crude price in the international market He however noted that the passage of the Petroleum Industry Act PIA had brought an end to the era of marginal field awards Komolafe said Section 94 9 of the Act states that No new marginal field shall be declared under this Act Accordingly the minister shall now award PPL on undeveloped fields following an open fair transparent competitive and non discriminatory bidding process in line with Sections 73 and 74 of the Act he said On the implementation of the PIA the CCE said the commission had issued six priority regulations He said they are Nigeria Upstream Host Communities Development Regulations Nigeria Upstream Fees and Rents Regulations Nigeria Royalty Regulations Conversion and Renewal Regulations Komolafe said others are Domestic Gas Delivery Obligations Regulations and Licensing Round Regulations He said the commission was also in the process of issuing additional seven regulations in the phase two of the exercise in consultation with stakeholders in line with Section 216 of the PIA Also Mrs Audrey Joe Ezigbo a former President of Nigeria Gas Association NGA said Nigeria must take advantage of the ongoing Russia Ukraine crisis to attract investors to develop its abundant gas resources According to her Africa and indeed Nigeria have a high energy poverty that can be transformed to opportunities by investors Joe Ezigbo said We know Nigeria has very vast gas reserves and it is these reserves that we can channel for electricity generation through gas powered energy plants Gas also has the potential to be a very key driver of industrialisation or rapid economic advancement as we ve seen in several European countries They ve used gas to power their economies as feedstock and fuel for their industries And really we want a situation where Nigeria becomes one of those countries that is listed when we re talking about nations that have leveraged their resources to build their economies NewsSourceCredit NAN
    17 marginal oilfields currently producing in Nigeria – NUPRC
      17 marginal oilfields currently producing in Nigeria NUPRC From left Council Chairman Society of Petroleum Engineers Prof Olalekan Olafuyi left Managing Executive Falcon Corporation Audrey Joe EzigThe Nigerian Upstream Petroleum Regulatory Commission NUPRC says 17 marginal oilfields are currently producing out of 30 fields awarded since its inception in 1999 Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the Association of Energy Correspondents of Nigeria NAEC Strategic International Conference on Thursday in Lagos The News Agency of Nigeria reports that the conference has as its theme Energy Transition Shaping the Future of Nigeria s Energy Industry an Appraisal of PIA Evolving Benefits and Challenges Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC said marginal fields award was initiated to increase participation of indigenous companies in the upstream sector and build local content capacity He said it was also targeted at creating employment opportunities and encouraging increased capital inflow to the sector and create employment opportunities Komolafe said Since its inception a total of 30 fields have been awarded 17 currently producing A breakdown of the allocation of the fields to indigenous operators is as follows two fields awarded in 1999 24 in 20032004 one each in 2006 and 2007 and two in 2010 10 years after in 2020 57 fields were put up for bidding It will be recalled that one of the major tasks inherited by the NUPRC upon its inauguration last year was the need to conclude the 2020 Marginal Field Bid Round exercise Consequently we pursued the matter frontally and are delighted to inform you that the exercise which commenced in June 2020 has been concluded with the issuance of Petroleum Prospecting License PPL to the deserving awardees The issuance of the PPL has ushered in a new dawn for our indigenous operators to hit the ground running in developing their awarded assets in line with industry best practices and to take full advantage of the increasing crude price in the international market He however noted that the passage of the Petroleum Industry Act PIA had brought an end to the era of marginal field awards Komolafe said Section 94 9 of the Act states that No new marginal field shall be declared under this Act Accordingly the minister shall now award PPL on undeveloped fields following an open fair transparent competitive and non discriminatory bidding process in line with Sections 73 and 74 of the Act he said On the implementation of the PIA the CCE said the commission had issued six priority regulations He said they are Nigeria Upstream Host Communities Development Regulations Nigeria Upstream Fees and Rents Regulations Nigeria Royalty Regulations Conversion and Renewal Regulations Komolafe said others are Domestic Gas Delivery Obligations Regulations and Licensing Round Regulations He said the commission was also in the process of issuing additional seven regulations in the phase two of the exercise in consultation with stakeholders in line with Section 216 of the PIA Also Mrs Audrey Joe Ezigbo a former President of Nigeria Gas Association NGA said Nigeria must take advantage of the ongoing Russia Ukraine crisis to attract investors to develop its abundant gas resources According to her Africa and indeed Nigeria have a high energy poverty that can be transformed to opportunities by investors Joe Ezigbo said We know Nigeria has very vast gas reserves and it is these reserves that we can channel for electricity generation through gas powered energy plants Gas also has the potential to be a very key driver of industrialisation or rapid economic advancement as we ve seen in several European countries They ve used gas to power their economies as feedstock and fuel for their industries And really we want a situation where Nigeria becomes one of those countries that is listed when we re talking about nations that have leveraged their resources to build their economies NewsSourceCredit NAN
    17 marginal oilfields currently producing in Nigeria – NUPRC
    General news1 month ago

    17 marginal oilfields currently producing in Nigeria – NUPRC

    17 marginal oilfields currently producing in Nigeria – NUPRC    From left; Council Chairman, Society of Petroleum Engineers, Prof. Olalekan Olafuyi (left); Managing Executive, Falcon Corporation, Audrey Joe-EzigThe Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says 17 marginal oilfields are currently producing out of 30 fields awarded since its inception in 1999.Mr Gbenga Komolafe, Commission’s Chief Executive, NUPRC, made this known at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference  on Thursday in Lagos.

    The News Agency of Nigeria reports that the conference has as its theme, “Energy Transition: “Shaping the Future of Nigeria’s Energy Industry, an Appraisal of PIA, Evolving Benefits and Challenges.

    ”Komolafe, represented by Mr Abel Nsa, Head, National Oil and Gas Excellence Centre (NOGEC), said marginal fields award was initiated to increase participation of indigenous companies in the upstream sector and build local content capacity.

    He said it was also targeted at creatingemployment opportunities and encouraging increased capital inflow to the sector and create employment opportunities.

    Komolafe said: “Since its inception, a total of 30 fields have been awarded, 17 currently producing.

    “A breakdown of the allocation of the fields to indigenous operators is as follows: two fields awarded in 1999, 24 in 20032004, one each in 2006 and 2007, and two in 2010.“10 years after, in 2020, 57 fields were put up for bidding.

    ”It will be recalled that one of the major tasks inherited by the NUPRC, upon its inauguration last year, was the need to conclude the 2020 Marginal Field Bid Round exercise.

    “Consequently, we pursued the matter frontally and are delighted to inform you that the exercise, which commenced in June 2020, has been concluded with the issuance of Petroleum Prospecting License (PPL)to the deserving awardees.

    “The issuance of the PPL has ushered in a new dawn for our indigenous operators to hit the ground running in developing their awarded assets in line with industry best practices and to take full advantage of the increasing crude price in the international market.

    ”He, however, noted that the  passage of the Petroleum Industry Act (PIA) had brought an end to the era of marginal field awards.

    Komolafe said Section 94(9) of the Act states that “No new marginal field shall be declared under this Act.”“Accordingly, the minister shall now award PPL on undeveloped fields following an open, fair, transparent, competitive, and non-discriminatory bidding process in line with Sections 73 and 74 of the Act,” he said.

    On the implementation of the PIA, the CCE said the commission had issued six  priority regulations.

    He said they are: Nigeria Upstream Host Communities DevelopmentRegulations, Nigeria Upstream Fees and Rents Regulations, Nigeria Royalty Regulations, Conversion and Renewal Regulations.

    Komolafe said others are Domestic Gas Delivery Obligations Regulations and Licensing Round Regulations.

    He said the commission was also in the process of issuing additional seven regulations in the phase two of the exercise in consultation with stakeholders in line with Section 216 of the PIA.

    Also, Mrs Audrey Joe-Ezigbo, a former President of Nigeria Gas Association (NGA), said Nigeria must take advantage of the ongoing Russia- Ukraine crisis to attract investors to develop its abundant gas resources.

    According to her,  Africa and indeed Nigeria have a high energy poverty that can be transformed to opportunities by investors.

    Joe-Ezigbo said: “We know Nigeria has very vast gas reserves and it is these reserves that we can channel for electricity generation through gas powered energy plants.

    “Gas also has the potential to be a very key driver of industrialisation or rapid economic advancement, as we’ve seen in several European countries.

    “They’ve used gas to power their economies as feedstock and fuel for their industries.

    “And really, we want a situation where Nigeria becomes one of those countries that is listed when we’re talking about nations that have leveraged their resources to build their economies.


    NewsSourceCredit: NAN

  •  The Nigerian Upstream Petroleum Regulatory Commission NUPRC says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country The commission said that the four cardinal areas were gas reserves growth optimised gas production domestic gas utilisation and gas flare elimination Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Monday in Lagos The News Agency of Nigeria that the conference had as its theme Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission According to him this will enable them to achieve the right energy mix while decarbonising their oil and gas development He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel Komolafe said the passage of the Petroleum Industry Act PIA 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments He said We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation Fortunately several African countries including Nigeria Algeria Mozambique Egypt and Libya among others are blessed with huge gas reserves With a total of over 620 trillion cubic feet of natural gas reserves and 125 3 billion barrels of crude oil the future of upstream oil and gas in Africa is promising Komolafe however noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world Also Prof Olalekan Olafuyi the Chairman SPE Nigeria Council said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times Olafuyi said It is expected that the adaptive strategies for energy transition should be adopted in Africa The status quo in the African energy supply is very obvious Africa and Nigeria in particular are still struggling with endemic energy poverty as compared to the developed regions of the world He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference Olafuyi said NewsSourceCredit NAN
    NUPRC outlines cardinal areas for sustainable gas utilisation, development
     The Nigerian Upstream Petroleum Regulatory Commission NUPRC says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country The commission said that the four cardinal areas were gas reserves growth optimised gas production domestic gas utilisation and gas flare elimination Mr Gbenga Komolafe Commission s Chief Executive NUPRC made this known at the 2022 Society of Petroleum Engineers SPE Nigeria Annual International Conference and Exhibition NAICE on Monday in Lagos The News Agency of Nigeria that the conference had as its theme Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa Komolafe represented by Mr Abel Nsa Head National Oil and Gas Excellence Centre NOGEC urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission According to him this will enable them to achieve the right energy mix while decarbonising their oil and gas development He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel Komolafe said the passage of the Petroleum Industry Act PIA 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments He said We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation Fortunately several African countries including Nigeria Algeria Mozambique Egypt and Libya among others are blessed with huge gas reserves With a total of over 620 trillion cubic feet of natural gas reserves and 125 3 billion barrels of crude oil the future of upstream oil and gas in Africa is promising Komolafe however noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world Also Prof Olalekan Olafuyi the Chairman SPE Nigeria Council said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times Olafuyi said It is expected that the adaptive strategies for energy transition should be adopted in Africa The status quo in the African energy supply is very obvious Africa and Nigeria in particular are still struggling with endemic energy poverty as compared to the developed regions of the world He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference Olafuyi said NewsSourceCredit NAN
    NUPRC outlines cardinal areas for sustainable gas utilisation, development
    General news2 months ago

    NUPRC outlines cardinal areas for sustainable gas utilisation, development

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has placed focus on four cardinal areas for sustainable gas development and utilisation in the country.

    The commission said that the four cardinal areas were gas reserves growth, optimised gas production, domestic gas utilisation and gas flare elimination.

    Mr Gbenga Komolafe, Commission’s Chief Executive, NUPRC, made this known at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Monday in Lagos.

    The News Agency of Nigeria that the conference had as its theme: “Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa.

    ” Komolafe, represented by Mr Abel Nsa, Head, National Oil and Gas Excellence Centre (NOGEC), urged other African countries to adopt suitable anchor points and roadmaps similar to what had been outlined by the commission.

    According to him, this will enable them to achieve the right energy mix while decarbonising their oil and gas development.

    He noted that Nigeria had huge abundant gas resources which had been adopted by the country as its energy transition fuel.

    Komolafe said the passage of the Petroleum Industry Act (PIA) 2021 was aimed at eliminating bottlenecks in the oil and gas sector to attract more investments.

    He said: “We are positioning gas as our transition fuel while adopting phased down approach in our energy transition quest geared toward paying greater attention to the development of untapped gas resources.

    “This energy source with low carbon footprint would serve as the transition fuel in meeting our energy security as a nation.

    “Fortunately, several African countries including Nigeria, Algeria, Mozambique, Egypt and Libya, among others are blessed with huge gas reserves.

    “With a total of over 620 trillion cubic feet of natural gas reserves and 125.3 billion barrels of crude oil, the future of upstream oil and gas in Africa is promising.

    ” Komolafe, however, noted that it required the right legislative framework and a change in policy direction for maximum economic recovery and energy sustenance.

    He added that the PIA had generous fiscal provisions aimed toward attracting investment not just for oil development but for harnessing of the rich gas potential of the nation which was among the highest in the world.

    Also, Prof. Olalekan Olafuyi, the Chairman, SPE Nigeria Council, said the world was facing the challenges of balancing the urgency of transition to cleaner energy with the obvious energy deficit and economic challenges experienced in recent times.

    Olafuyi said: “It is expected that the adaptive strategies for energy transition should be adopted in Africa.

    “The status quo in the African energy supply is very obvious.

    Africa and Nigeria in particular, are still struggling with endemic energy poverty as compared to the developed regions of the world.

    ” He said this was further worsened by the divestment by major international operators and funding challenges for oil and gas businesses.

    “This leaves the indigenous stakeholder in a situation of choosing to continue with the oil and gas business or channeling the attention to renewable energy sources.

    “This question is in the mindset of stakeholders in the energy business and policy space are the main reason we are here at this conference,” Olafuyi said.


    NewsSourceCredit: NAN

  •   The Nigerian Petroleum Upstream Regulatory Commission NUPRC says the global spike in the price of crude oil caused by Russia and Ukraine and the subsequent energy disruption calls for geopolitical energy security and sustainability Mr Gbenga Komolafe Executive Director of the Commission NUPRC unveiled this in Abuja at the Oloibiri Conference Series and Energy Forum 2022 OLEF organized by Petroleum Engineers SPE The theme of the forum Global Energy Transition Implications for Future Investments in the Nigerian Oil and Gas Industry was organized and sponsored by the Technology Development Fund PTDF Komolafe represented technical adviser Mr Abel Nsa said the concomitant disruption of the global oil demand and supply chain had reawakened the call for sustainability in the industry For example in the UK the North Sea Transition Authority NSTA formerly the Oil and Gas Authority is considering a round of leasing and licensing for oil and gas development and future projects Therefore reaffirming the relevance of oil and gas in the future energy mix Given this scenario it is clear that to meet the growing demand for energy in the short and medium term we need to carry out more exploration and development drilling he said This he said would optimize reservoir extraction drill new targets and employ technological advances to maximize production yields for the right energy mix The NUPRC chief said the global energy transition could pose major challenges for future investment in Nigeria s oil and gas industry but stakeholders were working assiduously to mitigate every negative impact According to him as all geopolitical zones grasp for the right energy mix for its energy security Nigeria is poised for the development of its vast untapped gas resources for economic growth and energy security He said the commission authorized by the Industry Act PIA 2021 had been focused on working with all stakeholders to ensure business investments in the oil and gas sector were adequately protected Komolafe said that in light of the global energy transition financing oil and gas projects was a major challenge as funding sources were now predominantly channeled towards renewable energy projects He further said that clarity on the fiscal regime provided would help turn the tide especially with regard to some major projects that have been stalled due to ficing Some of these projects including the Preowei project Bonga South West Aparo project and Bonga North project among others when completed have the combined capacity to add over 800 000 BOPD to Nigeria s production figures He said that it was therefore imperative that Nigeria take advantage of the current high crude oil prices as well as the emergence of the energy transition to fully exploit our hydrocarbon resources in a timely manner The commission will ensure that all necessary compromises are made and that innovative ways of financing oil and gas projects are explored to get these projects back on track he added Komolafe said it was striving to ensure all bottlenecks associated with regulatory processes were removed or minimized to ensure smooth operations as it gradually rolls out necessary key policy initiatives According to him section 92 of the recently enacted PIA 2021 provides a flexible tool to honor investment guarantees and the sanctity of contract Komolafe also commended the SPE Nigeria Council for its effort to offer proactive solutions and recommendations for the energy transition and sustain the forum until its 22nd edition in commemoration of Nigeria s first commercial oil discovery in Oloibiri Bayelsa State in 1956
    Increase in crude oil price, energy disruption call for security – Komolafe
      The Nigerian Petroleum Upstream Regulatory Commission NUPRC says the global spike in the price of crude oil caused by Russia and Ukraine and the subsequent energy disruption calls for geopolitical energy security and sustainability Mr Gbenga Komolafe Executive Director of the Commission NUPRC unveiled this in Abuja at the Oloibiri Conference Series and Energy Forum 2022 OLEF organized by Petroleum Engineers SPE The theme of the forum Global Energy Transition Implications for Future Investments in the Nigerian Oil and Gas Industry was organized and sponsored by the Technology Development Fund PTDF Komolafe represented technical adviser Mr Abel Nsa said the concomitant disruption of the global oil demand and supply chain had reawakened the call for sustainability in the industry For example in the UK the North Sea Transition Authority NSTA formerly the Oil and Gas Authority is considering a round of leasing and licensing for oil and gas development and future projects Therefore reaffirming the relevance of oil and gas in the future energy mix Given this scenario it is clear that to meet the growing demand for energy in the short and medium term we need to carry out more exploration and development drilling he said This he said would optimize reservoir extraction drill new targets and employ technological advances to maximize production yields for the right energy mix The NUPRC chief said the global energy transition could pose major challenges for future investment in Nigeria s oil and gas industry but stakeholders were working assiduously to mitigate every negative impact According to him as all geopolitical zones grasp for the right energy mix for its energy security Nigeria is poised for the development of its vast untapped gas resources for economic growth and energy security He said the commission authorized by the Industry Act PIA 2021 had been focused on working with all stakeholders to ensure business investments in the oil and gas sector were adequately protected Komolafe said that in light of the global energy transition financing oil and gas projects was a major challenge as funding sources were now predominantly channeled towards renewable energy projects He further said that clarity on the fiscal regime provided would help turn the tide especially with regard to some major projects that have been stalled due to ficing Some of these projects including the Preowei project Bonga South West Aparo project and Bonga North project among others when completed have the combined capacity to add over 800 000 BOPD to Nigeria s production figures He said that it was therefore imperative that Nigeria take advantage of the current high crude oil prices as well as the emergence of the energy transition to fully exploit our hydrocarbon resources in a timely manner The commission will ensure that all necessary compromises are made and that innovative ways of financing oil and gas projects are explored to get these projects back on track he added Komolafe said it was striving to ensure all bottlenecks associated with regulatory processes were removed or minimized to ensure smooth operations as it gradually rolls out necessary key policy initiatives According to him section 92 of the recently enacted PIA 2021 provides a flexible tool to honor investment guarantees and the sanctity of contract Komolafe also commended the SPE Nigeria Council for its effort to offer proactive solutions and recommendations for the energy transition and sustain the forum until its 22nd edition in commemoration of Nigeria s first commercial oil discovery in Oloibiri Bayelsa State in 1956
    Increase in crude oil price, energy disruption call for security – Komolafe
    General news6 months ago

    Increase in crude oil price, energy disruption call for security – Komolafe

    The Nigerian Petroleum Upstream Regulatory Commission (NUPRC) says the global spike in the price of crude oil caused by Russia and Ukraine and the subsequent energy disruption calls for geopolitical energy security and sustainability.

    Mr. Gbenga Komolafe, Executive Director of the Commission, NUPRC, unveiled this in Abuja at the Oloibiri Conference Series and Energy Forum 2022 (OLEF), organized by Petroleum Engineers (SPE).

    The theme of the forum: “Global Energy Transition: Implications for Future Investments in the Nigerian Oil and Gas Industry”, was organized and sponsored by the Technology Development Fund (PTDF).

    Komolafe represented technical adviser Mr. Abel Nsa said the concomitant disruption of the global oil demand and supply chain had reawakened the call for sustainability in the industry.

    “For example, in the UK, the North Sea Transition Authority (NSTA), formerly the Oil and Gas Authority, is considering a round of leasing and licensing for oil and gas development and future projects.

    “Therefore, reaffirming the relevance of oil and gas in the future energy mix.

    "Given this scenario, it is clear that to meet the growing demand for energy in the short and medium term, we need to carry out more exploration and development drilling," he said.

    This, he said, would optimize reservoir extraction, drill new targets and employ technological advances to maximize production yields for the right energy mix.

    The NUPRC chief said the global energy transition could pose major challenges for future investment in Nigeria's oil and gas industry, but stakeholders were working assiduously to mitigate every negative impact.

    According to him, as all geopolitical zones grasp for the right energy mix for its energy security, Nigeria is poised for the development of its vast untapped gas resources for economic growth and energy security.

    He said the commission, authorized by the Industry Act (PIA) 2021, had been focused on working with all stakeholders to ensure business investments in the oil and gas sector were adequately protected.

    Komolafe said that in light of the global energy transition, financing oil and gas projects was a major challenge as funding sources were now predominantly channeled towards renewable energy projects.

    He further said that clarity on the fiscal regime provided would help turn the tide, especially with regard to some major projects that have been stalled due to ficing.

    Some of these projects, including the Preowei project, Bonga South West Aparo project, and Bonga North project, among others, when completed, have the combined capacity to add over 800,000 BOPD to Nigeria's production figures.

    He said that it was therefore imperative that Nigeria take advantage of the current high crude oil prices, as well as the emergence of the energy transition, to fully exploit our hydrocarbon resources in a timely manner.

    "The commission will ensure that all necessary compromises are made and that innovative ways of financing oil and gas projects are explored, to get these projects back on track," he added.

    Komolafe said it was striving to ensure all bottlenecks associated with regulatory processes were removed or minimized, to ensure smooth operations, as it gradually rolls out necessary key policy initiatives.

    According to him, section 92 of the recently enacted PIA 2021 provides a flexible tool to honor investment guarantees and the sanctity of contract.

    Komolafe also commended the SPE Nigeria Council for its effort to offer proactive solutions and recommendations for the energy transition and sustain the forum until its 22nd edition, in commemoration of Nigeria's first commercial oil discovery in Oloibiri, Bayelsa State in 1956.