The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company Limited (NNPC Ltd) have pledged to deepen collaboration in order to boost operational efficiency.
Eniola Akinkuotu, the regulator’s head of media and strategic communications, in a statement, said the commitment was made during a meeting between the management of NUPRC and NNPC at the Commission’s headquarters in Abuja on Friday,
NUPRC Chief Executive, Oritsemeyiwa Eyesan, according to the statement, emphasised that both organisations share similar goals as creations of the Nigerian government.
“As major instruments of the government in the industry, we are aligned toward the same goal and I think this is pivotal and we must not lose this golden opportunity,” Mrs Eyesan said.
She stated that NUPRC is focused on reducing operational costs by harmonising fees and rents to boost Nigeria’s competitiveness in the oil and gas sector.
She noted that the commission is working with the Oil Producers Trade Section (OPTS) to address multiple fees and rents, aiming to minimise costs and enhance competitiveness.
“We are working with the industry on harmonising the fees and rents that we charge. “The whole idea is to harmonise and reduce it to the barest minimum so that we can reduce the cost of operations.”
Speaking further she stated that the commission is working on enhancing measurement and hydrocarbon accounting.
“We have done the first phase which is to audit what we already have. The second phase, which will commence shortly, will be the real implementation of the metering standards and this entire programme will entail us having a data center and having all the meters in all our locations to standard,” she added.
The NUPRC boss said the Host Community Development Trust (HCDT) had so far been a success but maintained that there was a need to fully utilise these funds for its intended purpose as this would enhance community peace and improve the operating environment.
She encouraged NNPC to participate in the ongoing 2025 licensing round and deepen exploration.
In his remarks, the NNPC Group Chief Executive Officer, Bayo Ojulari, reiterated the need for an improved relationship between the national oil company and the regulator.
He said the NUPRC had continued to demonstrate exceptional leadership, in terms of regulation and has been “promoting transparency and shaping an enabling environment crucial for investment and operational excellence which is good for the industry.”
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The NNPC boss said the national oil firm had recently launched the national gas master plan which would boost the country’s gas production.
Mr Ojulari said critical projects like the OB3 and the AKK gas pipeline have continued to progress.
He, however, maintained that there was a need to reduce the cost of operation in Nigeria to attract fresh investments and boost Nigeria’s energy security. This, he said, would not be possible without the NUPRC’s regulatory role.
“As the national energy company operating commercially under the Petroleum Industry Act, our success is intertwined with the regulatory stewardship which we are absolutely confident will be taken to the next level.
“We believe that deepening this partnership will greatly enhance our ability to unlock more value for Nigeria,” he added.
