The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is seeking the support of the Bank of America to raise much needed funding in the country’s recovering oil and gas sector.
As part of efforts to attract investments and boost oil production, the agency’s chief executive, Mr Gbenga Komolafe, met with the Managing Director and Head of Investment Banking Sub-Saharan Africa, Bank of America, Mr Chuba Ezenwa, at the corporate headquarters of the NUPRC in Abuja recently.
Mr Komolafe noted that the move was in line with the Petroleum Industry Act 2021, specifically Section 6(h) which mandates the Commission to “promote an enabling environment for investments in the upstream petroleum operations and development of Nigerian content in the petroleum industry.”
In his conversation with Mr Ezenwa, the NUPRC boss said although Nigeria’s oil production had witnessed an increase in the last one year, funding remained a challenge for companies seeking to scale up.
He therefore urged the 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,” Mr Komolafe said.
On his part, Mr Ezenwa said the rise in production was a reflection of Mr 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.