Upstream Commission boss, assures of increased investments in oil sector

The Chief Executive Officer, Nigerian Upstream Regulatory Commission (NURC), Engr. Gbenga Komolafe, has pledged the Federal Government’s commitment to shore up the nation’s oil production quota and boost investments in the upstream segment of the oil and gas industry.

The new commission is tasked with the responsibility of regulating the technical and commercial activities of the Nigerian upstream petroleum sector.

In a podcast address to staff of the NURC on Wednesday from Abuja, Komolafe urged all to join hands with the board and executive management of the new agency to build a strong organization that has the capacity to positively change the narrative in the upstream sector of the economy.

Komolafe said the establishment of the NURC “in itself, would translate to landmark transformations in the industry that is expected to usher in massive investment in the industry for enhanced revenue to fund Nigeria’s social budget, given the criticality of upstream activities to the Nigerian economy.”

He further stated that the oil and gas sector of the economy “is 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.”

The NURC boss said “we are not unmindful that the expectations are high, but we are quite determined to surmount the task ahead and hit the ground running. Aside, our confidence is elevated by the team spirit and the capability of you all to deliver on the assigned mandate.”

Komolafe noted that the executive management team planned to get the buy-in of all the staff in achieving the expected results, stressing that, “we do not ascribe to ourselves the wisdom of Solomon and nobody is a repository of knowledge.”

He added that “our leadership approach will be anchored on inclusive management.”

He said that with the passage of the Petroleum Industry Act (PIA) “we are at a significant era in the industry where the local and international community are eagerly awaiting our performance,” adding: “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.”

While applauding President Muhammadu Buhari and the National Assembly for the passage and accent to the PIA, the Upstream boss said the team was “committed to laying a solid regulatory foundation that the future generations will build upon, especially now that the clarity provided by the PIA has clearly defined the boundaries of our job.”

He maintained that with the foundation now laid in the oil and gas sector with the PIA “what is left is for all of us as a team to roll our sleeves as we set to deliver on our variously assigned tasks, adding: “As we settle down to work, we shall unveil the outlook of the new commission, the regulation and the blueprint of our strategic plan in the coming weeks.”

Komolafe further stressed that the focus of the Commission was to build a completely brand-new organization with a new vision, mission, culture, ethos in line with international best practices and this will entail our handshake across the border and frontier of Nigeria with similar international regulatory agencies.”

While once again reassuring staff and management of the agency of the security of their jobs, he said “we shall be fair to all and sundry in our leadership approach, we shall do all in our capacity to address issues of worker’s welfare and give priority to good industrial relations. Human capital capacity development will be stringently pursued to ensure high standard of professionalism at all times.”

According to him, “In our drive to ensure best practices for a 21st century regulator, we shall equally focus on digitalization of our activities at all levels. Our staff shall be given a sense of pride through the creation of enabling working environment.”