The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been urged to maintain its reform momentum and strengthen accountability in the oil and gas sector. This call was made by the Forum of Retired Oil Workers, who commended the Commission’s leadership under Engr. Gbenga Komolafe for setting a new standard for transparency, efficiency, and investor confidence.
According to a statement by the forum’s president, Richard Jackson, the Commission’s reform strategies have been effective, as evidenced by the significant increase in rig activity from eight in 2021 to 70 currently, and the rise in oil production to 1.8 million barrels per day. The forum attributed this growth to the Commission’s efforts to promote transparency, efficiency, and investor confidence in the upstream sector.
The retired oil workers emphasized the importance of deepening stakeholder engagement and upholding global best practices in governance, safety, and transparency to sustain the sector’s current growth trajectory. They stressed that the Commission must continue to hold operators accountable while consolidating on the gains of ongoing reforms to ensure lasting stability and profitability in Nigeria’s oil and gas industry.
Under Komolafe’s leadership, the NUPRC has demonstrated that responsible regulation and reform-driven leadership can reposition Nigeria as a trusted destination for global energy investment. The forum’s call for sustained reform momentum and deeper stakeholder engagement highlights the need for the Commission to build on its achievements and address the challenges facing the oil and gas sector.
The Nigerian oil and gas industry has experienced significant challenges in recent years, including declining production levels and investor confidence. However, the NUPRC’s reform efforts have helped to reverse this trend, with the sector experiencing increased investment and activity. The Commission’s commitment to transparency, accountability, and global best practices has been instrumental in attracting investors and promoting growth in the sector.
As the oil and gas industry continues to evolve, the NUPRC’s ability to sustain its reform momentum and deepen stakeholder engagement will be crucial in maintaining investor confidence and promoting sustainable growth. The forum’s call for continued reform and accountability highlights the need for the Commission to remain vigilant and committed to its goals, ensuring that the sector remains a trusted and attractive destination for global energy investment.