NUPRC unveils strategic plan to propel success of upstream sector
The Nigerian Upstream Regulatory Commission (NUPRC), has unveiled a strategic plan which would act as a roadmap to guide the organisation’s activities and propel it towards a future of growth and success.
The Commission Chief Executive, Engr. Gbenga Komolafe who unveiled the plan in Abuja, said it was a significant milestone in the organisation’s journey as it repositions to diligently pursue its mandate in line with the prescriptions and expectations of the Petroleum Industry Act (PIA), 2021.
Disclosing that a dedicated team had been working tirelessly over the past months to develop a comprehensive strategy that reflects the Commission’s collective vision for the next decade, Komolafe explained that the document outlines steps NUPRC will take to position itself as a leading regulatory body, fostering a thriving upstream sector that drives economic growth and ensures the sustainable development of Nigeria’s natural resources.
“The strategy document encompasses key aspects that will drive our success. We have identified several core focus areas that will enable us to optimize value creation, diversify revenue resources, enhance stakeholder relationships, ensure regulatory compliance, attract investors, enhance transparency, improve operational efficiency, enhance resource management, foster enhanced internal collaboration, improve our organisational culture, strengthen our workforce, and optimize the use of technology. These aspects serve as the pillars on which our strategy is built, guiding our actions and initiatives moving forward.
“The development strategy consists of three phases which was guided by four key considerations: the PIA and global best practice, value creation, effective operating model, and people.
“Phase 1 involved conducting an internal and external assessment of the Commission to determine its standing compared to other global regulators and industry trends. This included a PESTLE (Political, Economic, Social, Technological, Legal and Environmental) analysis of the oil and gas environment, benchmarking the Commission’s activities and performance against other notable oil regulators, and conducting interviews and surveys with NUPRC management and staff.
“In Phase 2, a 3-day strategy retreat was held, bringing together local and international regulatory strategy experts, NUPRC executives, and top-level management. During this retreat, the Commission’s Vision, Mission, and Core Values were developed, along with strategic objectives and initiatives.
“In Phase 3, the initiatives were further reviewed and validated by the departments to ensure completeness before being approved by the Board. The NUPRC Corporate and Regulatory Strategy was subsequently approved by the Board for implementation across the organisation,”he said.
Komolafe also revealed that the agency will conduct a review of the strategy plan every two years while underpinning the success of the Commission it’s ability to remain agile, responsive, and proactive in the face of evolving challenges and opportunities.
