*NNPC eyes $2.1bn gas revenue, executes five suite of agreements on OML 130 with Total, CNOOC, othersEmmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigerian Upstream Petroleum Regulatory
*NNPC eyes $2.1bn gas revenue, executes five suite of agreements on OML 130 with Total, CNOOC, othersEmmanuel Addeh in Abuja and Peter Uzoho in Lagos
One of the new regulations, which had just been operationalised, included the Nigeria Upstream Petroleum Measurement Regulations, 2023, which Komolafe noted would close the metering gap in upstream petroleum operations and encourage accelerated meter roll out in upstream petroleum operations. The Frontier Basins Exploration Fund Administration Regulations, 2023, Komolafe explained, would provide the general rules for the exercise of the commission’s responsibilities with respect to frontier basins to encourage and attract investment to the basins in Nigeria.
In explaining the Gas Flaring, Venting and Methane Emission Regulations, 2023, Komolafe stated that it would reduce environmental and social impact associated with gas flaring and venting of natural gas and fugitive methane emissions into the atmosphere. Komolafe stated, “These seven regulations being signed today represent a significant milestone achievement for the commission in its continued stride towards the attainment of the goals of the PIA and the reformation of the upstream petroleum sector.
Other regulations are Upstream Petroleum Fees and Rents Regulations; Upstream Decommissioning and Abandonment Regulations; Unitisation Regulations; Acreage Management Regulations; Frontier Exploration Fund Administration Regulations; and Upstream Environmental Remediation Fund Regulations. He lauded the NUPRC for finding the courage and selflessness to enact some of the regulations, which would further strengthen the regulatory institution.
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