• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, May 23, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NUPRC rolls out action plan for 2024

NUPRC

The Matters Press by The Matters Press
January 2, 2024
Reading Time: 2 mins read
0
NUPRC underscores need for optimal oil, gas production, revenue

Abuja, Jan. 2, 2024: The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has rolled out its action plan for 2024 and near term 2024 to 2026 highlighting regulatory actions to be implemented in furtherance of its mandate.

RELATED POSTS

Tinubu espouses Nigeria’s unity, diversity at Pope Leo’s inauguration

Nigeria’s ongoing health reform gets global endorsement with Pate’s honour by Time Magazine

Patience Jonathan’s endorsement of Tinubu’s re-election, significant, inspiring

The Commission’s Chief Executive (CCE), Mr Gbenga Komolafe, in a statement on Monday, said the Regulatory Action Plan (RAP) was focused on predictability, future licencing rounds policy and implementation, unit cost of production optimisation and automation.

Komolafe said it also focused on business process improvements for operational efficiency, promoting ease of entry and investment retention, vacating entry barriers associated with huge asset acquisition fees, deepening transparency, accountability and elimination of discriminatory practices.

He listed others as implementation of a carbon credit earnings framework for upstream operations, accelerating the execution of oil and gas development and production projects, and enforcement of Drill or Drop provisions of the Petroleum Industry Act.

“Other areas of focus include the optimisation of federation revenues, decarbonisation and greenhouse gas (GHG) emissions management in producing environment and Incorporation of green story in FDPs.

“It includes diligent monitoring of implementation of the Nigerian Gas Flare Commercialisation Programme (NGFCP) awarded sites for optimum flare-out monetisation and Host Community Trust Fund implementation and guiding the trust fund activities.

“This will reduce agitation in the operations areas and 100 per cent hydrocarbon accounting,’’ he said.

The CCE further said that the RAP also targeted the implementation of the new production curtailment regime and domestic crude supply obligation, annual asset performance assessment and reviews, enforcement of Domestic Crude Supply Obligation (DCSO).

He said it targeted Domestic Gas Distribution Obligation (DGDO) to improve domestic refining capacity, implementation of frontier exploration fund, decommissioning and abandonment fund and zero tolerance to default in royalty payment.

According to him, value creation through approval of annual work programme/budget and monitoring of financial viability, crude oil and gas pricing in contemporary terms, and revenue generation and implementation of zero default strategy on payment of royalty are included.

Komolafe indicated that the foregoing represented in broad terms the key thematic focus areas that would underpin the Commission’s activities in 2004.

“These are in addition to the Commission’s commitment to its general objectives and functions as provided in the PIA and by implication all other laws relating to upstream petroleum operations in Nigeria,” he added.

He explained that the aim of focusing on these areas was to bring into rapid effect, the transformation of the sector envisaged by the PIA (2021) and ramp up the efficiency and performance of the Sector.

He was optimistic that the implementation of these initiatives would increase revenues generated for government from the industry, improve operating environment, optimise value, generate jobs, and position the country as a destination for foreign direct investment.

Tags: NUPRC
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
Economy/Technology

Tinubu espouses Nigeria’s unity, diversity at Pope Leo’s inauguration

May 22, 2025
Eulogising Africa’s efforts in midwifing a Covid-19 vaccine
Economy/Technology

Nigeria’s ongoing health reform gets global endorsement with Pate’s honour by Time Magazine

May 21, 2025
Court visits Patience Jonathan’s money palaver
Economy/Technology

Patience Jonathan’s endorsement of Tinubu’s re-election, significant, inspiring

May 20, 2025
Nigeria suspends mining in Zamfara
Economy/Technology

Revival of mining sector causes increase in licensing fees in Nigeria

May 19, 2025
Make cash accessible, remove obstacles —stakeholders plead
Economy/Technology

Nigeria’s fast-track of cash transfer to 15m vulnerable households laudable – TMSG

May 17, 2025
Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

Group faults Peter Obi’s claim on deteriorating education sector

May 16, 2025
Next Post
Private sector in Mining sector will accelerate development

Nigeria to revoke more mining licenses in 2024

Blackout hits Nigeria as grid collapses again

Minister reiterates commitment to electricity in 2024

Recommended Stories

Nigeria to receive 500 tractors to improve mechanised farming

TMV Celebrates Delivery of 255 Tractors to FG, insists that Tinubu’s agricultural mechanisation programme is on course

January 21, 2025
NERC declares meters free under mass scheme

Businesses decline in Lagos as power supply shrinks

June 4, 2022
AKK gas pipeline project to be completed early 2023

NNPCL pipeline vandalism troubles IPMAN

July 10, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu espouses Nigeria’s unity, diversity at Pope Leo’s inauguration
  • Nigeria’s ongoing health reform gets global endorsement with Pate’s honour by Time Magazine
  • Patience Jonathan’s endorsement of Tinubu’s re-election, significant, inspiring

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us