The Nigerian Upstream Petroleum Regulatory Commission has said it is embracing and adopting new technologies and advance recovery techniques to unlock some identified stranded or bypassed oil and gas resources in Nigeria.
The move, according to the Chief Executive, Gbenga Komolafe will assist in increasing the nation’s reserves and ramp up production.
Komolafe said these while delivering a keynote address at the 2023 Energy Year Nigeria 2023 Book Launch and Awards Ceremony with the theme, “Innovation in the Nigeria oil and gas industry upstream: A catalyst for growth and development in Nigeria”
He said the Commission has commenced the use of smart completion to boost production from different reservoirs to increase production.
He explained further that collaboration is key to fostering innovation, noting that the government, regulatory bodies, oil and gas operators, service companies and other stakeholders, must work together to create an ecosystem that promotes idea sharing, transparency and mutual support.
“We must encourage the establishment of partnerships, consortiums and joint ventures, to tackle complex challenges collectively.
“The Commission is committed to regulatory excellence. clear and effective regulations will provide the necessary framework for innovation to thrive, while ensuring safety, transparency and accountability in the industry.
“The Nigerian Upstream Petroleum Regulatory Commission is dedicated to promoting an enabling environment that encourages investments, safeguards the interests of all stakeholders and encourages responsible exploration and production practices.”
Komolafe appreciated the organizers of the event for their commitment in creating value and opportunities which have delivered first-hand intelligence on emerging energy markets to helping stakeholders in the energy sector from across the continents to make better business decisions.