The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission Engr Gbenga Komolafe, has highlighted the rapid transformation of the global energy landscape, amidst urgent climate concerns at the 2024 annual PETAN Sub – Saharan Africa International Petroleum Exhibition and Conference holding in Lagos, Nigeria.

Engr Komolafe who delivered the speech of the host nation Nigeria, underscored the pivotal moment facing the sector, with swift changes targeted to shape the future of energy worldwide.

Speaking in the wake of COP28, where discussions on the fossil fuel phase out clashed with OPEC’s call for a balanced transition, Komolafe emphasized Nigeria’s commitment to aligning its energy transition with regional circumstances and economic goals. He referenced President Bola Tinubu’s address at the United Nations General Assembly in September 2023, echoing Nigeria’s dedication to the cause.

The NUPRC Boss stressed the importance of ensuring energy justice, equity, and sustainability as Nigeria and other resource rich economies navigate this evolving landscape.

He highlighted that the Petroleum Industry Act, 2021 (PIA), is a cornerstone initiative aimed at promoting transparency, efficiency, and innovation for sustainable development.

Discussing strategic measures to boost production, Komolafe outlined Nigeria’s efforts to enhance production and tap into its full potential despite challenges.

These initiatives he outlined includes, transparency improvements, collaborative programme administration, accelerated field developments, optimized production, and the adoption of enhanced Oil recovery technologies.

Furthermore, Engr Komolafe noted that Nigeria’s potential goes beyond traditional hydrocarbon resources to opportunities in green and blue hydrogen, solar, wind, biomass, and other renewable energy sources. This diversified approach, he emphasized, is crucial for sustainable energy development in the country.