Abuja: In a strategic move to revitalise Nigeria’s upstream oil and gas industry, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has initiated talks with Bank of America to secure funding for critical exploration and production projects.
The Commission Chief Executive, Mr Gbenga Komolafe, made the call during a meeting with Mr Chuba Ezenwa, Managing Director and Head of Investment Banking, Sub-Saharan Africa, Bank of America, in Abuja.
Mr Eniola Akinkuotu, Head of Media and Strategic Communications at NUPRC, stated this in a press release on Tuesday.
Komolafe said the engagement was in line with Section 6(h) of the Petroleum Industry Act (PIA) 2021.
According to Komolafe, it mandates the commission to promote an enabling environment for investments in upstream petroleum operations and the development of Nigerian content.
He said that although Nigeria’s oil production had increased in the past year, funding remained a significant challenge for companies seeking to expand production capacity.
“Nigeria is richly endowed with hydrocarbons, and we seek to optimise production, but funding is critical to our success.
“So, we are looking for areas of alignment with the Bank of America,” Komolafe said.
In his response, Ezenwa commended Komolafe’s leadership, describing the recent production increase as a reflection of the commission’s reforms and strategic focus.
“I am encouraged by the results under the leadership of the CCE, particularly in the area of production, which has sparked renewed interest in Nigeria’s upstream sector.
