NUPRC seeks Bank of America’s support to boost oil production
Gbenga Komolafe, commission chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on Tuesday met with Chuba Ezenwa, managing director and head of Investment Banking, Sub-Saharan Africa, Bank of America, as part of efforts to attract investments and boost oil production.
Komolafe, who hosted Ezenwa in his office, said the engagement aligns with the Petroleum Industry Act (PIA) 2021, particularly Section 6(h), which mandates the Commission to promote an enabling environment for investment in upstream petroleum operations and the development of Nigerian content in the industry.
In a statement issued by Eniola Akinkuotu, head of Media and Strategic Communications at NUPRC, Komolafe noted that although Nigeria’s oil production has increased in the past year, funding remains a major challenge for companies seeking to scale up operations.
He, therefore, urged Bank of America to prioritise Nigeria’s upstream sector in its investment portfolio.
“Nigeria is richly endowed with hydrocarbon and we seek to optimise production. But funding is critical to our success. So, we are looking for areas of alignment with the Bank of America,” Komolafe said.
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In his remarks, Ezenwa said the rise in production was a reflection of Komolafe’s visionary leadership.
“I am encouraged by the reforms under the leadership of the CCE as well as the results in the area of production which has sparked interests in Nigeria’s upstream. We will continue to provide support,” the Bank of America representative said.
