The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has rolled out its action plan for 2024 and near term 2024 to 2026 highlighting regulatory actions to be implemented in furtherance of its mandate.
Chief Executive (CCE) of the NUPRC, Mr Gbenga Komolafe, in a statement on Monday, said the Regulatory Action Plan (RAP) was focused on predictability, future licencing rounds policy and implementation, unit cost of production optimisation and automation from 2024.
Komolafe said it also focused on business process improvements for operational efficiency, promoting ease of entry and investment retention, vacating entry barriers associated with huge asset acquisition fees, deepening transparency, accountability and elimination of discriminatory practices.
He listed others as implementation of a carbon credit earnings framework for upstream operations, accelerating the execution of oil and gas development and production projects, and enforcement of Drill or Drop provisions of the Petroleum Industry Act.
“Other areas of focus include the optimisation of federation revenues, decarbonisation and greenhouse gas (GHG) emissions management in producing environment and Incorporation of green story in FDPs.
“It includes diligent monitoring of implementation of the Nigerian Gas Flare Commercialisation Programme (NGFCP) awarded sites for optimum flare-out monetisation and Host Community Trust Fund implementation and guiding the trust fund activities.
“This will reduce agitation in the operations areas and 100 per cent hydrocarbon accounting,’’ he said.
The CCE further said that the RAP also targeted the implementation of the new production curtailment regime and domestic crude supply obligation, annual asset performance assessment and reviews, enforcement of Domestic Crude Supply Obligation (DCSO).
He said it targeted Domestic Gas Distribution Obligation (DGDO) to improve domestic refining capacity, implementation of frontier exploration fund, decommissioning and abandonment fund and zero tolerance to default in royalty payment.