PIA: Upstream regulatory commission sets 12-month timeline for deliverables
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set a six to 12 months timeline for the critical deliverables of the Petroleum Industry Act(PIA) in the development of key upstream projects.
This was coming on the heels of its pledge to collaborate with the Oil Producers Trade Section(OPTS) to deepen the implementation of the PIA.
The move to ensure the successful implementation of the PIA was made by the Commission Chief Executive(CCE) of NUPRC, Mr.Gbenga Komolafe, and the Chairman of OPTS, Mr. Richard Kennedy, during the NURPC stakeholders meeting with OPTS in Lagos yesterday.
“The implementation of the PIA is very germane to Mr. President. As a matter of fact, the task for us is to see how, within the next six to 12 months, we will begin to see critical deliverables of the PIA in the development of key upstream projects. We will really need your support in this aspect and it becomes one of the overriding reasons I am here to have this media interactive session with you.”
Komolafe assured members of the OPTS that the Commission will be regulating with the best regulatory practice in its quest to promote good business ethics.
He added that NUPRC intends to be a 21st regulator where it will serve as a business enabler, saying at this point in time, it needs to build good synergy with operators and investors.
He said the Commission is aware that the upstream business is facing critical funding challenges among other constraints that are particular to our terrain.
‘‘ I want to solicit your cooperation and I also want to assure you that we will work as partners in synergy in a manner that we will be able to achieve the overall objective of the PIA to achieve optimal benefit to the nation,’’
In his remarks, Kennedy said the meeting means a lot to OPTS and equally beneficial to the industry, adding that the group is willing to work with the Commission as partners as it resonates with them very well.
‘‘We are pleased that you are ready to kick off an era of strong collaboration between OPTS and OPTS member companies with the Commission.”
SOURCE: THE SUN