NUPRC Reaffirms Commitment to Transparency, Investment Growth
Mr Gbenga Komolafe, CEO, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has restated the commission’s commitment to transparency, accountability, and sustained investment growth in the oil and gas sector.
Komolafe made the pledge on Tuesday in Lagos during a strategic workshop for energy correspondents. He was represented by Mrs Efemona Bassey, Deputy Director, Services and Administration at the Commission.
Komolafe told participants that the media plays a vital role in national development, noting that the 1999 Constitution empowers journalists to hold public institutions accountable.
He added that the Petroleum Industry Act reinforces this expectation by requiring the Commission to publish reports, data, and statistics on upstream operations.
“At the heart of our missions is a shared commitment to openness, accountability, and service to the Nigerian people,” he said.
He explained that the workshop was designed to give correspondents deeper insight into the Commission’s activities and the upstream petroleum industry.
Komolafe noted that over the past two years, NUPRC experts have provided extensive briefings on exploration, production, acreage management, and community relations. He observed that global fossil fuel investments are declining as countries intensify energy transition efforts.
In spite of this, he said Nigeria continues to make steady progress, supported by PIA reforms and the backing of President Bola Tinubu’s administration. According to him, the number of oil rigs in the country has risen to nearly 70, with more than 40 currently active.
He added that the Commission has approved several final investment decisions worth billions of dollars in recent months. The chief executive said a major development plan valued at about $20 billion was approved within the past 10 months.
“These milestones reflect the stability and renewed confidence in Nigeria’s upstream sector,” he said. Komolafe also disclosed that the commission will launch a new oil licensing round on Dec. 1.
He described the exercise as a defining moment for the industry and more transparent than the 2024 bid round. He said the round aims to open new frontiers and unlock fresh opportunities for both local and international investors.
He added that the process will meet global standards as Nigeria works toward adding one million barrels of oil per day to its output. Komolafe emphasised the media’s decisive role in shaping investor sentiment, urging journalists to avoid inaccurate or sensational reporting.
He warned that harmful reporting could discourage investors in the highly sensitive oil and gas sector. He urged correspondents to prioritise factual, contextual, and development-focused reporting in the national interest.
Komolafe reaffirmed the Commission’s dedication to openness, noting that NUPRC publishes data and updates on its website and platforms. He called for deeper collaboration with the media, stressing the joint responsibility to uphold transparency and accountability for national growth.
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