NUPRC worries over lack of investment in oil sector
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed apprehension about the recent decline in crude oil production and the apparent lack of investment in the nation's oil sector. Gbenga Komolafe, the Chief Executive of NUPRC, conveyed these concerns during a meeting with Felix Ogbe, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), at the NUPRC office on Tuesday.
Komolafe disclosed that the Nigerian upstream sector is currently under significant pressure due to the reduced crude oil production and the absence of substantial investment in recent years. He highlighted the changing global energy landscape, with several new oil-producing countries emerging, leading to heightened competition for investment capital. In response to these challenges, he emphasized the need for strategic measures to create an investor-friendly environment in Nigeria.
The NUPRC CEO stressed the importance of collaborative efforts to remove entry barriers for investment, stating, "We need to work together to lower barriers and do everything possible to motivate investment." He assured that NUPRC would collaborate closely with NCDMB to implement the planned programs for 2024.
The NCDMB's Ogbe underscored the necessity of teamwork and partnerships among various agencies under the Ministry of Petroleum Resources to sustain the growth of the Nigerian oil and gas industry. He emphasized that collaboration would foster an environment conducive to attracting investments and new projects, contributing to job creation and addressing security concerns.
Ogbe suggested organizing workshops to address concerns raised by investors that hinder investments and new projects, emphasizing that the flourishing of projects and investments in the oil and gas sector is vital for local content development. Additionally, he acknowledged the impact of international oil and gas companies' investment decisions on their Return on Investments and stressed the importance of addressing these factors.
Furthermore, Ogbe visited the National Insurance Commission and pledged close collaboration with NAICOM to review and operationalize insurance services regulations jointly issued by both agencies in June 2022. The objective is to encourage Nigerian oil and gas companies to patronize local insurance firms, supporting the growth of the domestic insurance sector.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed apprehension about the recent decline in crude oil production and the apparent lack of investment in the nation's oil sector. Gbenga Komolafe, the Chief Executive of NUPRC, conveyed these concerns during a meeting with Felix Ogbe, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), at the NUPRC office on Tuesday.
Komolafe disclosed that the Nigerian upstream sector is currently under significant pressure due to the reduced crude oil production and the absence of substantial investment in recent years. He highlighted the changing global energy landscape, with several new oil-producing countries emerging, leading to heightened competition for investment capital. In response to these challenges, he emphasized the need for strategic measures to create an investor-friendly environment in Nigeria.
The NUPRC CEO stressed the importance of collaborative efforts to remove entry barriers for investment, stating, "We need to work together to lower barriers and do everything possible to motivate investment." He assured that NUPRC would collaborate closely with NCDMB to implement the planned programs for 2024.
The NCDMB's Ogbe underscored the necessity of teamwork and partnerships among various agencies under the Ministry of Petroleum Resources to sustain the growth of the Nigerian oil and gas industry. He emphasized that collaboration would foster an environment conducive to attracting investments and new projects, contributing to job creation and addressing security concerns.
Ogbe suggested organizing workshops to address concerns raised by investors that hinder investments and new projects, emphasizing that the flourishing of projects and investments in the oil and gas sector is vital for local content development. Additionally, he acknowledged the impact of international oil and gas companies' investment decisions on their Return on Investments and stressed the importance of addressing these factors.
Furthermore, Ogbe visited the National Insurance Commission and pledged close collaboration with NAICOM to review and operationalize insurance services regulations jointly issued by both agencies in June 2022. The objective is to encourage Nigerian oil and gas companies to patronize local insurance firms, supporting the growth of the domestic insurance sector.
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