The commission also announced the immediate promotion of 195 its staff and unveiled its new logo as it begins operation as the new upstream oil and gas sector regulator.
The IOCs also indicated they were reconsidering their earlier exit plan following uncertainties created by the PIA which made counter provision on already signed Memorandum of Understanding (MoU) with the Nigerian National Petroleum Corporation (NNPC), for deep water asset development.
A 12-year dispute on the operational guideline with regard to Production Sharing Contract (PSC) in the deep water space had cost parties over $9 billion in contingent liabilities.
However, the new PSC understanding is expected to yield $780 million in immediate revenues to the government and unlock $10 billion investment.
At the stakeholder meeting with members of the OPTS, composed of major IOCs, Komolafe, said the PIA has a timeline of about six to 12 months to clear some grey areas and that the Commission is interested more in encouraging investment in the sector.
He said the NUPRC was established following the signing of the PIA by President Muhammadu Buhari on Aug. 16 and was aimed at optimising the sector’s contribution to national development.
“The implementation of the PIA is very germane to the president and this current administration and he has given us a period of six to 12 months to begin to deliver some of the key deliverables.
“It is against this backdrop that I have decided to host this meeting in Lagos to reinforce my acknowledgment of your association and to solicit your collaboration as industry stakeholders,” Komolafe said.
He noted that the meeting was coming at a critical time when the clamour from the global community was focused on energy transition from fossil fuels to cleaner energy.
According to him, this has resulted in funding challenges for exploration activities being faced by the companies.
He said the meeting was to familiarise the commission with the OPTS members and listen to the challenges hindering optimisation of key areas in the upstream sector.