The Federal Government will in the coming weeks, release 13 new regulations in the upstream sector of the oil and gas industry. This was revealed by the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, on the sidelines of the ongoing Nigerian International Energy Summit in Abuja on Tuesday.
According to Komolafe, the new regulations will be in addition to the six already introduced a few weeks ago by the agency. Although he did not list what the new regulations are, the NUPRC boss said they were aimed at ensuring that the oil and gas sector was not strangulated.
He said, “I beg to correct the notion that the commission is running the upstream sector with regulations that were not participatory. Apart from the six introduced some weeks ago, some fresh 13 regulations will also be introduced in about two weeks’ time.
Our regulations have carried everyone along to ensure that the sector is not strangulated. We also ensure that our regulations are in conformity with the government’s energy transition plan.”
Komolafe was reacting to allegations by earlier panel speakers, who accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority and NUPRC of implementing regulations capable of discouraging healthy business environment in the sector.- PUNCH
