The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that PE Energy Limited’s report will increase revenue generation.
The body recently made this observation after receiving the Engineering Audit Report on Upstream Measurement Equipment and Facilities in the Nigerian oil and gas sector.
The report was presented by the Chairman, PANA Holdings/Group Chief Executive Officer, PE Energy Limited, Daere Akobo, to the Chief Executive Officer of the NUPRC, Gbenga Komolafe.
Speaking via a press statement, the Chairman, PANA Holdings/Group Chief Executive Officer, PE Energy Limited, Daere Akobo, said that the audit was commissioned following the approval of the Federal Executive Council under the leadership of President Bola Tinubu.
He disclosed that the report perfectly aligns with the government’s Renewed Hope Agenda to improve economic governance, revenue assurance, and sectoral transparency.
Receiving the report, the Chief Executive Officer of the NUPRC, Gbenga Komolafe, revealed that it signified a decisive response towards the improvement in hydrocarbon measurement and accountability to guarantee optimal revenue collection within the country’s oil and gas landscape.
According to him, the audit has helped in conducting a gap analysis and delivering a competency transfer programme for NUPRC, and it will go a long way towards boosting regulatory culture in the upstream sector.
The areas covered by the audit include on-site evaluations of all upstream metering systems, documentation of both present and ideal measurement points as defined by the PIA, development of intervention strategies, and advisory services to boost measurement in areas with restricted metering infrastructure.
He concluded by saying that the results would redefine how the nation manages and monetises its most critical natural resource, vowing to ensure that the recommendations are fully implemented.
