{"id":88043,"date":"2021-11-04T11:14:42","date_gmt":"2021-11-04T10:14:42","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=88043"},"modified":"2021-11-04T11:14:42","modified_gmt":"2021-11-04T10:14:42","slug":"oil-majors-get-regulatory-assurance-to-invest-in-10bn-deepwater-space","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/oil-majors-get-regulatory-assurance-to-invest-in-10bn-deepwater-space\/","title":{"rendered":"Oil Majors Get Regulatory Assurance To Invest In $10bn Deepwater Space"},"content":{"rendered":"
\n
The newly created Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has given international oil companies operating in Nigeria its assurance to look into identified grey areas in its implementation of the Petroleum Industry Act (PIA).<\/div>\n
\n
\nChief executive officer, NUPRC, Mr Gbenga Komolafe made the call in his maiden meeting with top members of the Oil Producers Trade Section (OPTS) yesterday in Lagos.<\/p>\n

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.<\/p>\n

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.<\/p>\n

A 12-year dispute on the operational guideline with regard to Production Sharing Contract (PSC) in the deep water space had cost parties over\u00a0 $9 billion in contingent liabilities.<\/p>\n

However, the new PSC understanding is expected to yield $780 million in immediate revenues to the government and unlock $10 billion investment.<\/p>\n

At the stakeholder meeting with members of the OPTS, composed of major IOCs,\u00a0 Komolafe,\u00a0 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.<\/p>\n

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\u2019s contribution to national development.<\/p>\n

\u201cThe 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.<\/p>\n

\u201cIt 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,\u201d Komolafe said.<\/p>\n

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.<\/p>\n

According to him, this has resulted in funding challenges for exploration activities being faced by the companies.<\/p>\n

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.<\/p>\n

<\/div>\n<\/div>\n<\/div>\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The newly created Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has given international oil companies operating in Nigeria its assurance to look into identified grey areas in its implementation of the…<\/p>\n","protected":false},"author":1,"featured_media":88044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-88043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nOil Majors Get Regulatory Assurance To Invest In $10bn Deepwater Space - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/oil-majors-get-regulatory-assurance-to-invest-in-10bn-deepwater-space\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Majors Get Regulatory Assurance To Invest In $10bn Deepwater Space - 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