Worried by the many challenges confronting the Nigerian oil and gas industry partly as a result of actions and inactions of the federal government, some operators yesterday, called for an alignment in regulatory activities between the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority .
However, the Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe, who confirmed the overlap between the regulatory agencies, while speaking at another session at the summit, noted that his agency was effectively implementing the provisions of the Petroleum Industry in order to enable businesses in the industry.
In his remarks, Isiaka, who said the PIA had brought some fiscal clarity into the oil and gas business, categorically knocked the NUPRC and NMDPRA over the misalignment in their regulatory roles and policies. “This particular example has the capability of making otherwise profitable opportunities less-attractive. Another example is the regulations that are being put in place, some of those that are being gazetted so far are adding risk to the portfolio risk that could make opportunities that are otherwise profitable to become less-competitive.
In his thoughts, Kennedy, who also expressed concerns about the problems bedeviling Nigerian oil and gas, said the industry was experiencing turbulent times. He opined, “We have started to have a trend which is a combination of the two of innovation, in that way, you have declining activity in the industry.
In his intervention, Irune, said the Nigerian oil and gas industry had reached an inflection point, adding that everything revolved around portfolio rationalisation. “And I think for us, that’s the underlying issue there. How do we continue to sustain the investment that goes into the acceleration of crude oil extraction that must happen before the world completely dries up?”
He, however, noted that his agency was effectively implementing the provisions of the Petroleum Industry in order to enable businesses in the industry.
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