NUPRC UNVEILS GAME-CHANGING AGENDA FOR UPSTREAM SECTOR GROWTH!
MRS EYESAN [ C.E.O NUPRC ] GREATRIBUNTVNEWS
GREATRIBUNETVNEWS–THE Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled a transformative vision to drive growth in the upstream sector, resting on three pillars:
1. Production Optimization and Revenue Expansion: Increase production and revenue through recovery of shut-in volumes, arresting decline, reducing losses, and accelerating time-to-first oil without increasing burdens or transaction costs.
– “This had already begun by recently ‘turning on the light’ in a long shut-in asset.” – Mrs. Eyesan
2. Regulatory Predictability and Speed: Achieve regulatory predictability and speed by running regulation like a service, enforcing rules transparently, and making quick time-bound decisions.
– “Regulatory predictability and speed can be achieved by running regulation like a service, enforcing rules transparently and making quick time-bound decisions.” – Mrs. Eyesan
3. Safe, Governed, and Sustainable Operations : Strengthen governance, process safety, host community outcomes, and encourage decarbonisation.
– “Going forward, the Commission will be measured on the following key success metrics – Faster, predictable regulatory approvals, higher, more secure and sustainable production, credible licensing and disciplined acreage performance, world-class HSE and process safety outcomes, trusted measurement, transparency, governance and data integrity.” – Mrs. Eyesan
Key initiatives include:
– Publishing Service Level Agreements (SLAs) for all major approvals
– Launching a digital workflow for permitting, reporting, and data submissions
– Convening a monthly CCE-Operators Leadership Forum for engagement
– Improving hydrocarbon accounting and measurement by tracking every barrel produced and addressing discrepancies or losses
This agenda aligns with President Bola Ahmed Tinubu’s renewed hope agenda and production targets of 2mmbopd by 2027 and 3mmbopd by 2030
Mrs Eyesan who also encouraged all operators to liaise with the commission as it plans first engagement with host community leaders to reaaffirm the commission’s committment to HCDT(Host community development trust) implementation, said one of her other key goals is to ensure 100% compliance to the Petroleum Industry Act within 12 months. This, she said, will be monitored with a dedicated team situated in her office.
“On the Commission’s part, a 90-day program to fast track approvals for near-ready FDPs, well interventions, rig mobilisation and other quick-win opportunities have commenced,” the CCE stated.
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