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Upstream Commission boss assures of increased investments in oil sector



Upstream Commission boss assures of increased investments in oil sector

Nigeria‘s Upstream Regulatory Commission (NURC) said the federal government is committed to bolstering the country’s oil production quota and boosting investment in the upstream segment of the oil and gas industry.

NURC chief executive Mr. Gbenga Komolafe said this in a podcast address to commission staff Thursday in Abuja.

He urged them to collaborate with the board of directors and general management to stimulate the economic growth of the sector.

The new commission that replaced the former Department of Petroleum Resources (DPR) is responsible for regulating the technical and commercial activities of the upstream sector of the Nigerian petroleum industry.

Komolafe called for a joint effort to build a strong organization capable of positively changing the discourse in the upstream sector of the economy.

He said the creation of NURC would result in a historic transformation.

The CEO said this should usher in massive investments to increase income to fund Nigeria’s social budget, as upstream activities are critical to the Nigerian economy.

“The oil and gas sector is at a critical and important point in the life of the industry where fossil fuels for cleaner energy compete with the need to raise the bar on crude oil and gas production. from the current level of 1.4 mb / d to 2.4 mb / d.

“We are aware that the expectations are high, but we are very determined to overcome the tasks that lie ahead and get on with the race,” he said.

Komolafe noted that the management team plans to get buy-in from all staff members to achieve the expected results.

He said his leadership approach would be anchored on inclusive management.

Komolafe said that with the passage of the Petroleum Industry Act (PIA), the industry was in an important era where the local and international community eagerly awaited their performance.

According to him, they are determined to provide an upstream petroleum regulator of the 21st century anchored on the principles of efficient and effective services, transparency, professionalism and cost awareness.

He applauded President Muhammadu Buhari and the National Assembly for the adoption and approval of the PIA.

Komolafe said the team is committed to establishing a solid regulatory foundation upon which future generations will build, especially with the clarity provided that defines the boundaries of the work.

“Our goal is to build a whole new organization with a new vision, a new mission, a culture and an ethics in line with international best practices.

“And that will entail our handshake across the border and across Nigeria’s border with similar international regulatory agencies,” he said.

He reassured the agency’s staff and management of their job security, adding that he would do everything in his power to resolve workers’ welfare issues and prioritize good industrial relations. .

“The development of human capital capacities will be rigorously pursued to ensure a high level of professionalism at all times.

“In our drive to ensure best practice for a 21st century regulator, we will also focus on digitizing our activities at all levels,” he said.

Source: NAN

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