Retired Oil Workers Hail NUPRC’s Bold Reforms, $18bn Investments Under Komolafe’s Leadership
The Forum of Retired Oil Workers has hailed the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for what it described as “bold and visionary reforms” that have repositioned Nigeria’s oil and gas sector for growth, transparency, and renewed investor confidence.
In a statement signed by its president, Richard Jackson, the forum commended the Commission’s Chief Executive, Engr. Gbenga Komolafe, for spearheading a reform agenda that aligns closely with President Bola Tinubu’s vision to make the energy sector a catalyst for national development and global competitiveness.
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Reforms restoring investor confidence
The retired oil professionals said the NUPRC’s approach under Komolafe has marked a clear break from the bureaucracy that once stifled the industry.
“By focusing on regulatory clarity, transparency, and accountability, the NUPRC has restored credibility to the upstream sector and demonstrated that Nigeria remains open for responsible and profitable investment,” the forum noted.
Since the enactment of the Petroleum Industry Act (PIA), the Commission has rolled out several policy initiatives and operational reforms that have boosted investor confidence and driven production growth.
600,000 barrels daily: A turnaround moment
According to the forum, the approval of 28 Field Development Plans (FDPs) in 2025 alone, projected to deliver 600,000 barrels of oil per day and over 2 billion standard cubic feet of gas daily, signals a strategic turnaround for the sector.
“These are not just statistics; they represent renewed life in an industry once bogged down by uncertainty and underinvestment,” Jackson said. “Unlocking 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas in a single year shows these reforms are producing tangible results.”
$18 billion in new investments
The forum revealed that the Commission’s transparent regulatory model and globally benchmarked licensing processes have attracted over $18 billion in new investment commitments this year alone.
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“From the 2022 Petroleum Prospecting Licences to the 2024 deep offshore bid round, every process has been open, transparent, and aligned with global best practices,” the forum said.
“That’s the kind of leadership we’ve long hoped to see in Nigeria’s oil industry.”
Balancing growth with energy transition
The forum also praised Komolafe’s emphasis on sustainability, particularly through the Decade of Gas Initiative and the NUPRC Decarbonisation Framework, both of which promote cleaner energy while maintaining Nigeria’s economic stability.
“Komolafe understands the delicate balance between global energy transition and local realities,” Jackson said. “He’s championing a pragmatic pathway that keeps Nigeria competitive while promoting environmental responsibility.”
Industry reawakening: From 8 to 70 rigs
According to the statement, rig activity has surged from 8 in 2021 to 70 today, while oil production has climbed to 1.8 million barrels per day—evidence that the Commission’s reforms are yielding real results.
The retired workers also applauded the enforcement of 24 new PIA-aligned regulations, describing them as the backbone of a predictable, investor-friendly environment.
A new chapter in Nigeria’s oil history
The forum urged the NUPRC to sustain its reform momentum, deepen engagement with stakeholders, and continue holding operators accountable to global safety, transparency, and governance standards.
“We believe the NUPRC is writing a new chapter in Nigeria’s oil and gas history,” Jackson said.
“Under Komolafe’s stewardship, the industry is becoming more efficient, responsible, and profitable. That’s the best tribute to decades of dedication by Nigerians who built this sector from the ground up.”
Niger Delta group hails Tinubu, NUPRC
Legit.ng earlier reported that a coalition of civil society organisations under the aegis of the Niger Delta Advancement Forum (NDAF) has praised President Bola Ahmed Tinubu and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for what it described as “the most transparent and impactful community development effort in Nigeria’s oil history.”
The commendation comes on the heels of the successful execution of 536 community projects across oil-producing states through the Host Community Development Trust (HCDT), an initiative backed by the Petroleum Industry Act (PIA).
In a statement released on Wednesday, NDAF President Comrade Ebiowei Timipre said the implementation of the PIA and the transparent management of host community funds mark “a turning point in the long struggle for equity, justice, and inclusion in the Niger Delta.”
Source: Legit.ng
