April 16, 2024

NUPRC, OPTS, IPPG review progress in Nigeria’s oil, gas upstream sector

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Oreola Adeola

Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oil Producers Trade Section (OPTS), and the Independent Petroleum Producers Group (IPPG) met in Abuja to review progress made in the upstream-related sector since the last engagement in the fourth quarter(Q4) 2022.

Engr Gbenga Komolafe, Commission Chief Executive, NUPRC hosted Engr. Rick Kennedy, Chairman OPTS, and Abdulrazak Isa, Chairman IPPG, and other stakeholders at the NUPRC’s headquarters in Abuja.

The OPTS comprises 29 companies that are the major players in Nigeria’s oil and gas sectors.

EnergyDay gathered that the maiden edition of the meeting held last year, focused on opportunities available for the sector amidst global clamour on energy transition from fossil fuels to cleaner energy, inhibiting the funding challenges affecting exploration activities in the country.

Other critical issues discussed at the meeting are the incorporation of development trusts for host communities, installation of flare meters as well as gas flare and monetisation plan.

They also reviewed challenges faced by the operators including high operating costs, security, lengthy contract cycle, multiple levies, and taxes, among others.

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