Nigerian Oil Regulator (NUPRC) Pledges Transparency, Unveils Measures to Address Concerns
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has taken steps to address concerns about transparency in contract and license allocation within the oil and gas sector. This move comes in response to queries raised by the Norwegian and Nigerian Extractive Industries Transparency Initiative (EITI and NEITI).
Addressing Transparency Concerns:
- Published Guidelines: The NUPRC has published clear guidelines outlining the procedures for assigning interests in contracts and licenses. These guidelines were updated in March 2021 to ensure clarity and adherence to regulations.
- New Transparency Portal: The Commission is launching the Nigerian Oil and Gas Assets Beneficial Ownership Register (NOGABOR). This web-based portal will provide public access to information on the beneficial owners of petroleum assets in Nigeria, enhancing transparency and accountability.
- Published Contract Information: NUPRC already publishes details of concluded contracts on its official website. This provides stakeholders with readily available information on awarded contracts.
- Enhanced Register: To further improve transparency, the NUPRC plans to incorporate acreage coordinates into the published register of concessions. This will provide a more detailed and comprehensive view of the industry landscape.
Collaboration and Commitment:
- Engagement with Watchdogs: The NUPRC’s engagement with EITI and NEITI highlights their commitment to collaboration and addressing challenges within the sector.
- International Standards: These measures demonstrate Nigeria’s proactive participation in the global discourse on sustainable and accountable resource management.
Additional Details:
- The meeting with EITI and NEITI representatives took place at the NUPRC headquarters in Abuja.
- The concerns raised by the Norwegian team mainly focused on inadequate public disclosure of data and lack of automatic data exchange protocols.
- NUPRC’s Executive Commissioner of Development and Production, Mr. Enorense Amadasu, represented the Commission during the meeting.
Impact:
These steps taken by the NUPRC are expected to improve transparency and accountability in the Nigerian oil and gas sector, attracting more responsible investments and promoting sustainable resource management practices.
Sources:
- Sweetcrude
- NUPRC website
