The Federal Government through the Nigerian Upstream Petroleum Regulatory Commission, says it has approved four out of five divestment requests received from international oil companies for regulatory approval.
This development signals a significant move towards facilitating investment and operational changes within the country’s oil sector.
The Chief Executive Officer of NUPRC, Gbenga Komolafe, disclosed the approval on Monday at an event to launch Project One Million Barrels Per Day Production in Abuja.
The NUPRC, which was established by the Petroleum Industry Act 2021, used the occasion to celebrate its three years of regulatory overhaul of the upstream industry.
Speaking in his keynote address, the NUPRC boss stated that the commission has leveraged the effectiveness of the Petroleum Act to eliminate outdated regulatory processes and encumbrance of exploration.
“In the last three years, we have made significant strides towards attaining these goals despite the persistent challenges of the global push for energy transition and the call for defunding of fossil fuel. Leveraging the PIA, we are addressing the legacy challenges of outdated regulatory processes, encumbrances to exploration,” he noted.
