By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company (NNPC) Limited have pledged to deepen collaboration to boost operational efficiency.
This was the outcome of a meeting between the managements of the NUPRC and the NNPC at the commission’s corporate headquarters in Abuja, where the chief executive of the former, Mrs Oritsemeyiwa Eyesan, said the two oil regulators, as creations of the Nigerian government, have similar goals.
“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,” she disclosed.
Further addressing the NNPC team, led by its chief executive, Mr Bayo Ojulari, Mrs Eyesan said the NUPRC is focused on reducing the cost of operations by harmonising fees and rents to make Nigeria’s oil and gas sector more competitive.
To this end, the NUPRC boss revealed that the agencywas working closely with the Oil Producers Trade Section, OPTS, to address the multiplicity of fees and rents to improve Nigeria’s 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,” she said.
Mr Eyesan further 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 centre and having all the meters in all our locations to standard,” she stated.
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.
Mrs Eyesan encouraged NNPC, as the country’s national oil company, to participate in the ongoing 2025 licensing round and deepen exploration.
In his remarks, the NNPC GCEO reiterated the need for an improved relationship between the national oil company and the regulator.
Mr Ojulari hailed Mr Eyesan, noting that, “Your antecedents, your track records, your integrity, your forthrightness and clarity for those who have had the privilege of interacting with you, excite the industry.”
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.
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 also presented a copy of the Gas masterplan to the CCE.
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 stated.
