NUPRC Calls for Fair Crude Pricing to Support Nigeria’s Domestic Energy Needs
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on oil producers to adopt fair pricing mechanisms to help meet Nigeria’s domestic crude oil supply obligations. The appeal was made by Engr. Gbenga Komolafe, the Commission Chief Executive, during a recent meeting with TotalEnergies’ Managing Director, Mr. Mattieu Bouyer, at the Commission’s headquarters.
Balancing Local Demand with Global Commitments
Komolafe emphasized that the NUPRC is focused on maintaining Nigeria’s energy security while also honoring its OPEC production quota. To do this effectively, he said, oil producers must price their crude fairly to ensure local refineries and stakeholders can access the supply needed to meet domestic consumption demands.
“Fair pricing is not just a commercial necessity; it’s a national priority,” Komolafe stated.
“We must find a sustainable balance between supporting our local energy needs and meeting our international obligations.”
TotalEnergies Reaffirms Commitment to Nigeria
In response, Mr. Mattieu Bouyer praised the NUPRC for its transparent and effective regulatory framework. He also reiterated TotalEnergies’ commitment to long-term investment in Nigeria’s upstream petroleum sector.
Bouyer revealed that the company is keen to participate in Nigeria’s upcoming 2025 Licensing Bid Round, signaling continued interest in expanding its operations in the country.
Strengthening Collaboration in the Upstream Sector
The courtesy visit served as a platform to deepen collaboration between TotalEnergies and the NUPRC, with both parties aligning on the importance of:
-
Fair and transparent pricing policies
-
Increased upstream productivity
-
Attracting new investment into Nigeria’s oil and gas sector
As Nigeria continues to navigate global energy shifts, the NUPRC’s efforts to foster a balanced and investor-friendly environment remain crucial to unlocking the sector’s full potential.
