According to the Nigerian Upstream Petroleum Regulatory Commission, the commission will aid domestic oil and firms in expanding if the appropriate laws and regulations are in place.
This was said by Mr. Gbenga Komolafe, the commission’s chief executive, while he was visiting the Green Energy International Limited booth at the Offshore Technology Conference in Houston, Texas, the United States of America.
The oil and gas sector regulator, according to him, would keep assisting Green Energy International member companies with rapid turnaround times for licensing and other permissions needed to expand their operations.
He claimed that Green Energy International had been successful in securing money for its projects at a time when funding for oil and gas projects was becoming challenging as a result of regulations surrounding energy transition and a purposeful shift to renewable energy initiatives.
He asserts that the company’s capacity to obtain finance for its numerous projects is evidence that it is on the correct track and, as a result, need the proper support to develop.
‘‘If you look at what the company has done. You will discover that they have tried to leverage on in-country capability and that is in alignment with what NUPRC is doing. We have come here as a commission to give them encouragement and to assure the company that the NUPRC will give them all the backing as a business enabler.”
As a business facilitator, NUPRC, according to Komolafe, would make sure that its rules and regulations are conducive to encouraging firms to expand.
He predicted that as firms expand, they will need a variety of licenses and permits for operational efficiency in order to lower their cost per unit of production and remain competitive.
He insisted that the NUPRC was working to guarantee that the turnaround time for issuing permits and licenses was dramatically shortened in order to boost operational efficiency.
The operator of the Otakikpo marginal field in Oil Mining Lease (OML) 11 is Green Energy International, which was founded in 2006, according to Green Energy International Chairman Prof. Anthony Adegbulugbe.
He clarified that the business was founded with the intention of taking advantage of every opportunity in the oil and gas value chain for the benefit of all of its stakeholders as well as the Nigerian economy.
He claims that the company’s goal is to develop regional domestic markets based on small-scale gas potential in its host communities in Nigeria and throughout Afric
‘‘In 2010, the Federal Government decided to implement a World Bank study on Small Scale Gas Utilisation and the Otakikpo Marginal Field was awarded to Green Energy to undertake the pilot project. The implementation of this project will involve the installation of LPG processing and bottling plants,’ Adegbulugbe stated.
The Chairman of Green Energy claimed that since it started operating, it had accumulated 5 million man-hours without a lost-time injury.
In order to ensure that there is no unrest that would negatively affect operations if they (banks) finance to the oil operators, he continued, one of the prerequisites when companies sought banks for funding was the cumulative man-hours achieved by the enterprises.
