The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rolled out its action plan for the year 2024.

The NUPRC Chief Executive, Engr. Gbenga Komolafe, in a statement issued on Sunday, said the plans of the commission represented in broad terms the key thematic focus areas that would underpin the commission’s activities in 2024.

He said: “These are in addition to the commission’s commitment to its general objectives and functions as provided in the PIA and by implication all other laws relating to upstream petroleum operations in Nigeria.”

Komolafe who explained that the commission aimed to bring into rapid effect the transformation of the sector envisaged by the PIA (2021) and ramp up the efficiency and performance of the Sector, said he was the optimistic implementation of the initiatives would in the short and long-term increase revenues generated for the government from the industry, improve the regulatory and operating environment, optimise value, generate jobs, and position the country as a destination for foreign direct investment for the Sector.

The NUPRC boss noted that as a strategy-driven organisation, the commission was firmly committed to setting a clear agenda for the Nigerian upstream sector to engender efficiency and effectiveness in line with the PIA and government aspirations for a virile, functional, and profitable oil and gas sector.

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“The commission will ensure that the RAP for 2024 and the near term is implemented vigorously by all concerned in the beneficial interest of operators, service providers, industry participants, and other stakeholders, all in the overriding national interest,” he added

Giving an insight into why the commission was focusing on the thematic areas, Komolafe explained that the public policy statement was issued within the context of the global energy landscape which was in a state of rapid change in response to climate concerns and the challenges faced by the fossil fuel industry and economies long dependent on it.

“These challenges include climate change issue, the energy transition momentum, and the drive towards net zero emissions by the international comity of nations in such Forums such as the recently concluded United Nations Conference of Parties (COP) 28 conference in Dubai, the United Arab Emirates, and such other international forums before it,” he said

The NUPRC boss further stated that Nigeria’s position on energy transition aligned with that of OPEC in the call for just, inclusive, equitable and balanced energy transitions saying: “In the words of His Excellency, Bola Tinubu, at the United Nations General Assembly (UNGA) in September 2023, Mr. President underscored the fact that ‘African nations will fight climate change, but we must do so on fair and just terms (and) must accord with our overall economic efforts; a position echoed by other world leaders at UNGA and similar gathering during 2023.”

The Star