NUPRC partners PwC on petroleum upstream regulation

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has expressed its readiness to collaborate with PricewaterhouseCoopers (PwC) in its quest to develop a 21st century Upstream regulator for Nigerian oil and gas industry.

The Commission Chief Executive, Mr Gbenga Komolafe, stated this when the management team of PwC visited him in his office in Abuja.

Komolafe, in a statement by Mr Paul Osu, Head, Public Affairs, NUPRC on Wednesday said the Commission was an autonomous regulatory body, created with the signing of the Petroleum Industry Act 2021 by President Muhammadu Buhari.

According to the chief executive, the proposed collaboration with PwC is geared towards creating a new organisational culture that will evolve into a 21st century regulator.

He reiterated that the objective of the alignment with PwC was to develop a template to drive efficiency and reduce arbitrariness by creating standard operating procedures and regulations to propel the PIA in line with global best practices.

He emphasised that this would crystallise the Commission into a transparent, fair and cost effective regulator and business enabler for the Upstream sector of the Nigerian oil and gas industry.

The Commission’s Chief Executive stated that NUPRC would leverage the relationship with PwC to create a robust partnership investment that will drive the realisation of PIA mandate in line with the aspirations of government .

The team lead of PwC, Mr Jide Adeola, in his response pledged their support and readiness to collaborate with NUPRC to achieve its vision of a 21st century Upstream regulator.

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