Financial Energy Review
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, says Nigeria recorded capital expenditure (Capex) worth billions of dollars within the last two and a half years characterised by the implementation of the Petroleum Industry Act (PIA).
Komolafe, stated this at the weekend in Lagos after receiving The Sun Public Service Award 2023, during the newspaper’s 21st Anniversary Award Dinner.
Komolafe was among the over 30 resourceful Nigerians conferred with The Sun 2024 awards of different categories for their excellence and positive impact in their respective callings in the public and private sectors.
Speaking after receiving his award, the commission chief executive said the award would further encourage him and his team to be more dedicated to the service of the nation.
Revealing that he had received over 40 different awards in the last one year, Komolafe noted that awards signified the reward mechanism in the society, stressing that when the resourceful ones were rewarded, it further inspires others to be resourceful and contribute to the task of nation-building.
“First, let me seize this opportunity to thank the management and staff of The Sun for honouring me with this award. Indeed, in the last one year, I’ve received over 40 awards. But this award will further encourage us to dedicate ourselves to the service of the Federal Republic of Nigeria.
“Like the Chairman of the occasion mentioned in his speech, the task of nation building is a collective effort. It is not for people in government alone. It is actually for all the citizenry. And this award speaks to the reward mechanism in our society. When the resourceful ones are rewarded, it further inspires others to be resourceful and contribute to the task of nation building”, Komolafe said.
He dedicated the award to his darling wife and other members of the commission.
Specifically to the oil and gas industry and the mandate of the commission, he said since their resumption at the NUPRC in the last two and a half years as pioneer staff and management, they have dedicated themselves to the service of the Federal Republic of Nigeria.
According to him, the team had been discharging their duties silently and assiduously in ensuring the implementation of their statutory mandate effectively, resulting to the success stories being told.
However, Komolafe revealed that the country has recorded capital expenditure (Capex) worth billions of dollars within the last two and a half years of the implementation of the PIA, coupled with the enabling regulations being churned out and implemented by the commission.
From the feedback received from the industry, he said the country now has about 30 rigs in its upstream oil and gas sector, against 11 active rigs in 2011, attributing the significant improvement to the restoration of investors’ confidence in the industry.
Komolafe explained, “That is huge success for us, and you know that rig count is a measure of vibrant activities in the oil industry. We have been able to attract confidence, certainty, predictability into the Industry.
“If you check, we’ve attracted Capex going into billions of dollars into the Nigerian upstream. So, gradually, we are happy that we have success stories to tell just in about less than two and half years, and while doing this with my dedicated team, we never knew that people were watching.
“So, what you have seen today is a message that the Nigerian society are watching and that the award will further serve to propel us to higher service in the service of the Federal Republic of Nigeria.”
Explaining further, the commission chief executive said NUPRC had churned out over 17 regulations with the objective of giving meaning to the intent of the PIA.
He said these regulations serve as regulatory tools to ensure certainty and predictability in the activities of the industry as against pre-PIA regime.
He said the “oil industry is now in an era of post-PIA regime where we proudly would say that, now, there is certainty and attraction of investors’ confidence.”
