Upstream Commission, PwC Collaborate to Curb Arbitrariness in Oil Sector

Emmanuel Addeh in Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and PricewaterhouseCoopers (PwC) will collaborate to ensure that standards are set in the oil and gas sector, the new Chief Executive of the commission, Mr. Gbenga Komolafe, has said.

Speaking when the management team of PwC visited him in his office in Abuja, Komolafe noted that working together with the firm would help further his quest to build a 21st century upstream regulator for the Nigerian oil and gas industry.

He said that the commission, an autonomous regulatory body created with the signing of the Petroleum Industry Act (PIA) 2021 by President Muhammadu Buhari, would continue to work with industry stakeholders to streamline the operations of the sector.

Komolafe added that the proposed collaboration with PwC was geared towards creating a “new organisational culture that will evolve into a 21st century regulator.”

“The objective of the alignment with PwC is to develop a template that will drive efficiency and reduce arbitrariness by creating standard operating procedures and regulations that will propel the PIA in line with global best practices,” he stressed.

According to him, this will transform the commission into a transparent, fair and cost effective regulator and business enabler for the upstream sector of the Nigerian oil and gas industry.

In addition, he stated that the NUPRC would leverage the relationship with PwC to create a robust partnership investment environment that will drive the realisation of the PIA mandate, in line with the aspirations of the government.

The team lead of PwC, Mr Jide Adeola, in his response, pledged the support of the team and its readiness to collaborate with NUPRC to achieve its vision of a modern upstream regulator.

He described PwC as a global brand with a history of successful partnerships around the world, assuring that the same template would be deployed in the collaboration with NUPRC.