The federal government has been urged by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to declare a state of emergency on the country’s oil and industry due to oil theft and underproduction.
Gbenga Komolafe, chief executive officer (CEO), NUPRC, made this known on Thursday while delivering his keynote address at the Association of Energy Correspondents of Nigeria (NAEC) strategic international conference in Lagos.
“The imperative is on Nigeria to declare some sort of emergency for the oil and gas industry. Aside from energy transition, other issues bedevil our industry — such as oil theft, security, ageing and decaying infrastructure, amongst others,” he said.
“All these contribute to high production costs, which must be minimised. The commission, in line with the spirit of the PIA, will champion urgent access to the industry for all serious-minded players so that unexplored reserves can be tapped into to derive value for investors as well as for Nigeria.”
Komolafe added that the commission had developed initiatives to reduce the menace of oil theft to the barest minimum in the short run and eventual elimination in the long run.
