The Chief Executive Officer of the Nigerian Upstream Regulatory Commission (NURC), Mr. Gbenga Komolafe, yesterday said the immediate priority of the new petroleum industry regulator was to raise the country’s crude oil production from September’s 1.4 million barrels per day to about 2.4 million bpd in the coming months.
In a podcast to all members of staff of the organisation nationwide, the former top official of the Nigerian National Petroleum Corporation (NNPC), noted that the current push for cleaner energy made it even more urgent to pump more oil before the next phase of the global energy industry.
Flanked by the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, Komolafe explained that Nigerians expect results from the operation of the Petroleum Industry Act (PIA) which the team has been saddled with the responsibility of implementing.
He reminded his audience that the commission was saddled with the responsibility to regulate technical and commercial activities of the Nigerian upstream petroleum industry.
Out of the total Organisation of Petroleum Exporting Countries (OPEC) production quota allocation of 1.614 million bpd in September, Nigeria was only able to pump 1.399 million bpd during the month, against a reference production figure of 1.829 million bpd.
Komolafe noted that the proper execution of the PIA would translate to landmark transformations in the industry that are expected to usher in massive investment in the sector for enhanced revenue to fund Nigeria’s social budget.
He added: “Incidentally, we are at a critical and significant moment in the life of the industry whereby energy transition from fossil fuels to cleaner energy is competing with the need for us to raise the bar of our crude oil and gas production from the current level of 1.4 mbbls/d to 2.4 mbbls/d.
“We are not unmindful that the expectations are high, but we are quite determined to surmount the task ahead and hit the ground running. Besides, our confidence is elevated by the team spirit and the capability of you all to deliver on the assigned mandate.”
Komolafe explained that the new executive management’s leadership approach will be anchored on inclusive governance, stressing that the local and international community were eagerly awaiting the new commission’s performance.
“We are determined under our leadership to deliver a 21st century upstream petroleum regulator anchored on principles of effective and efficient services, transparency, professionalism and cost consciousness.
“We are committed to laying a solid regulatory foundation that the future generations will build upon, especially that the clarity provided by the PIA has clearly defined the boundaries of our job. What is left is for all of us as a team to roll our sleeves as we set to deliver on our variously assign tasks,” he said.
He said as the new team settles down to work, it would unveil the outlook of the new commission, the regulation and the blueprint of its strategic plan in the coming weeks.
The NURC boss said the focus would be to build a completely brand new organisation with a new vision, mission, culture, ethos in line with international best practices, which he said will entail handshake across the border and frontier of Nigeria with similar international regulatory agencies.
He promised to do all within his capacity to address issues of worker’s welfare and give priority to good industrial relations as well as human capital capacity development.
“In our drive to ensure best practices for a 21st century regulator, we shall equally focus on digitalisation of our activities at all levels. Our staff shall be given a sense of pride through the creation of enabling working environment,” he added.