November 02, (THEWILL) – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it is committed to effective implementation of the Petroleum Industry Act (PIA 2021) for the sector to contribute more to the national economy.
The Commission says it will ensure that relevant sections of the PIA that affect its operations are duly implemented, including the Domestic Crude Oil Supply to licensed refineries in Nigeria.
Mr Gbenga Komolafe, Commission Chief Executive (CCE), NUPRC, stated this during a meeting with Exploration and Production Companies on Domestic Crude Supply Obligation (DCSO) at the NUPRC headquarters in Abuja.
The News Agency of Nigeria (NAN) reports that the meeting was conveyed to chart a way forward for alignment, the implementation of domestic crude oil supply obligation, operators’ compliance status, and operators’ response.
As more private refineries indicate readiness to start production soon in Nigeria, the NUPRC is taking necessary steps within the provisions of the PIA 2021 to ensure adequate and consistent supply of feedstock to operators.
In line with its mandate of ensuring crude oil supply to licensed refineries in Nigeria as enshrined in Section 109 (4) of the PIA, the Commission said it recently cautioned that there would be consequences and sanctions for sabotaging the process.
He said effective implementation of the PIA would create an enabling environment for players in the industry to thrive and ensure the petroleum industry generated more income for the government.
“As the pioneer regulator of the upstream sector, we want effective implementation of the relevant sections of the PIA, and we cannot shy away from it.
“We are committed to the effective implementation of the PIA in the interest of our industry and our dear nation.
“As I said, as a regulatory body, we will regulate in line with the provisions of the Act and whatever decision we take will be in line with the law to ensure growth and development,” he said.
Komolafe, however, urged industry operators to uphold best practices and comply with provisions of the law as the federal government, through its relevant bodies, was carrying out reforms.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
