*Resolving security challenge will bring back investments to oil sector
Worried by the alarming oil theft, underproduction, high production cost, among others, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stressed the need for the declaration of emergency on the nation’s oil and industry.
The Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe made the call yesterday in Lagos while delivering his keynote address at the 2022 annual international conference of the Nigerian Association of Energy Correspondents (NAEC).
Similarly, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari, also at the event, stated that the resolution of security challenges in the nation’s oil sector would bring back investments into the industry.
The theme of the event chaired by the Managing Director of Falcon Corporation, Mrs. Audrey Joe-Ezigbo, was “Energy Transition: “Shaping the Future of Nigeria’s Energy Industry, an Appraisal of PIA, Evolving Benefits and Challenges.”
Komolafe, who was represented at the occasion by the Director of the National Oil and Gas Excellence Centre (NOGEC), an arm of the commission, Dr. Abel Nsa, said
apart from the current threat of energy transition to the oil and gas industry, other issues bedeviling Nigeria’s industry included oil theft, security, ageing and decaying infrastructure, amongst others.
Komolafe noted that the challenges of seamless production in the form of rampant crude theft and sabotage of critical infrastructure were still with the country despite several efforts made by the commission and the government.