Also speaking, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, said the NNPC was increasingly being approached with investment opportunities, adding that the company was focused on growing reserves, increasing production, accelerating gas development and creating long-term value for Nigeria.
Ojulari said the evolution of NUPRC had shown that effective regulation went beyond oversight to enabling businesses, facilitating investment and creating sustainable value.
“Five years in the life of an institution appears relatively short. However, NUPRC’s journey has demonstrated what can be achieved when vision, professionalism and commitment align with national aspirations. You can see what can be achieved even in one year as you listen to our CCE. A lot can be achieved when the stars are aligned.
“And I can tell you confidently that the stars in our industry have never been more aligned than what we have today. As a strategic industry partner, NNPC Limited has harnessed the evolution that NUPRC has been through firsthand. The Commission has increasingly demonstrated that effective regulation goes beyond oversight. It is also about enabling businesses, facilitating investment and being a catalyst for sustainable value creation,” he said.
According to him, constructive engagement, regulatory clarity, improved approval processes and collaborative problem-solving had helped create an environment where operators could concentrate on delivering value while maintaining safety, compliance and operational excellence.
He said the next phase required policy consistency, regulatory predictability, operational discipline and continued collaboration between regulators and operators.
“Most of the great countries that we admire, whether it’s Aramco, whether it’s Brazil, whether it’s Petronas, what drives them is co-creation between the regulators and the operators to differentiate the country and put the country in the leadership position.
“That is what we have today, and that is what we want to consolidate. NNPC Limited therefore looks forward to further deepening its partnership with NUPRC. We remain committed to constructive engagement with the Commission and our industry partners as we work together towards an efficient, competitive, investable industry that delivers enduring economic value to the Federal Republic of Nigeria,” he said.
Lokpobiri Says Nigeria Now Top Investment Destination
Also, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the Commission’s performance should ultimately be judged by the businesses and production it enabled rather than simply by the number of regulations it issued.
He cited Nigeria’s rising oil production as a plus for the economy, describing the increase as a major improvement, while pointing to a sharp increase in drilling activity as an important indicator of future production.
“One thing that you didn’t say in your own achievements is the level of drilling campaign we have. The level of drilling campaigns going on in the industry is unprecedented. When we came, we had less than 10 active rigs. Today we have over 70 active rigs, and still counting.
“And so, the drilling campaign of today is what will produce the barrels of tomorrow. Our ambition to do 3 million barrels will be a mirage unless we have a sustainable and increasing campaign in this industry.
“Having said that, it is important for me to say that NUPRC has done well in five years. Continue on this trajectory of rendering excellent services that will guarantee sustainable growth in this industry. Do the best you are doing to ensure that we are not sent back to Egypt. Let us continue on this road to Israel,” he advised.
Lokpobiri said Nigeria’s large reserves would only become economically meaningful if regulatory processes enabled technically and financially capable businesses to develop them.
“Nigeria all of a sudden seems to be one of the most attractive investment destinations in the world…What we need to assure them is the predictability of our environment. What we need to assure them is that our fiscal and regulatory frameworks are globally competitive and even better than any other jurisdiction in the world.
“Once we are able to do that, I believe that all those people who are coming with their dollars are bound to come to Nigeria because we are located in such a strategic location,” he argued.
He urged NUPRC to make swift and transparent decisions in the next five years, warning that delays could divert capital to competing jurisdictions.
