Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said its commitment to shared prosperity was demonstrated in its effective implementation of the Host Community Development Trusts (HCDTs), Provisions of the PIA 2021.
He was speaking at the ongoing 2025 Nigeria International Energy Summit (NIES), with the Theme,“Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential.”
He made his contribution during the Africa Upstream Forum, which focused on the Subtheme “From Resources to Revenue.”
“With 154 HCDTs registered and over N78.8bn and $122m contributed to the Fund, we are steering tangible change, resulting in 198 ongoing Projects in Host Communities and enhanced peace and Economic Growth in Resource-Rich Regions,’’ he said.
On enabling Transformative Deals in Nigeria’s Upstream Sector, he said through Strategic Policy Interventions, it had fostered an Environment that enabled Transformative Deals, unlocking Value for both Investors and the Nation.
He said one of its Key Achievements was the establishment of a clear and robust Divestment Framework which, provided a structured pathway for Asset Transitions, ensuring Regulatory Certainty, protecting Industry Interests, and sustaining Production.
“The Framework was critical in facilitating High-Profile Transactions, such as the Divestment of NAOC’s Onshore and Shallow Water Assets to Oando, Equinor’s exit through Project Odinmim, Shell Petroleum Development Company Divestment to Renaissance and ExxonMobil’s (MPN) Asset Transfer to Seplat Energy.
“It ensured a seamless transition while maintaining Production Stability, and allowing new Players to bring fresh Capital and Expertise into the Industry.
“As we continue this transformative journey, NUPRC remains committed to fostering a Resilient, Competitive, and Investment-Driven Upstream Sector.
“We are also fostering Innovation, advancing Automation, Digital Oilfields, and Enhanced Oil Recovery (EOR) to drive Sustainability as well as supporting Local Content and Technology Localisation,’’ he said.
According to the NUPRC Boss, it is also adopting Innovative Approaches to enhance Industry Stability.
“An example of such Approaches is the NUPRC’s Alternative Dispute Resolution Centre (ADRC) which plays a Crucial Role in fostering efficient, fair, and timely Resolution of Conflicts within Nigeria’s Oil and Gas Sector.
“Through the recent Inauguration of the Body of Neutrals, the Commission has established a trusted Panel of Experts to mediate Disputes, ensuring impartiality and minimising Legal delays,” he said.
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