The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is seeking financial support from the Bank of America to help Nigerian oil and gas companies to carry out vital projects in the industry. NUPRC Chief Executive, Engr. Gbenga Komolafe made the appeal during a meeting with Mr Chuba Ezenwa, Managing Director and Head of Investment Banking for Sub-Saharan Africa at Bank of America, in Abuja.
Komolafe said that poor funding is a major challenge facing indigenous operators in Nigeria’s oil and gas industry, despite the country’s vast hydrocarbon potential.
According to him, the programme aligns with the Petroleum Industry Act (PIA) 2021, especially Section 6(h), which mandates the Commission to “promote an enabling environment for investments in upstream petroleum operations and the development of Nigerian content in the petroleum industry.”
Acknowledging recent gains in crude oil production, he urged the Bank of America to give Nigeria’s upstream petroleum sector special consideration in its investment portfolio.
“Nigeria is richly endowed with hydrocarbons, and we are committed to optimising production.
However, funding is critical to our success. We are therefore exploring areas of alignment with the Bank of America,” he said.
Reacting, Ezenwa hailed Komolafe for the NUPRC’s ongoing reforms and enhanced performance in oil production.
He concluded by saying that the Bank of America will keep exploring opportunities to support oil and gas companies in Nigeria.
“I am encouraged by the reforms driven by the Commission Chief Executive and the positive results in oil production, which have reignited investor interest in Nigeria’s upstream sector.
The Bank of America will continue to explore opportunities to provide support,” he added.
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