The newly appointed Executive Vice President, Upstream, of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mr. Udobong Ntia, has emphasized the need for stakeholders in Nigeria’s oil and gas upstream sector to prioritize corporate governance, transparency, and operational efficiency.
Mr. Ntia made this call during the Upstream Governance, Risk and Compliance Workshop held in Lagos under the theme: “Enhancing Governance, Risk and Compliance in Nigeria’s Upstream Sector.”
In his opening remarks, Mr. Ntia highlighted governance, risk management, and compliance (GRC) as the cornerstones of NNPC Ltd.’s core values of integrity, excellence, and sustainability. He urged stakeholders to align their operations with these principles to ensure long-term success in the sector.
“Governance, risk management, and compliance are integral to our vision of building a sustainable upstream sector.
“At NNPC Ltd., we are committed to fostering these principles across the value chain to address systemic challenges and position Nigeria as a leading player in the global oil and gas industry.”
Mr. Udobong Ntia, Executive Vice President, Upstream, of the NNPC Ltd.
Mr. Ntia pointed out that enhancing governance and compliance practices is critical to addressing inefficiencies, curbing corruption, and boosting production output.
He also emphasized that improved GRC frameworks could help Nigeria achieve its ambitious goal of sustainably ramping up crude oil production, thereby bolstering the country’s economic stability.
The event brought together key players in Nigeria’s upstream oil and gas industry, including regulators, executives from International Oil Companies (IOCs), and representatives from government agencies.
Discussions centered on promoting ethical practices, mitigating risks, and ensuring compliance to enhance the sector’s resilience and competitiveness.
Commending the upstream leadership and regulators for their collaborative efforts, Mr. Ntia reiterated the importance of working together to address shared challenges.
He noted that a coordinated approach is essential for meeting the industry’s goals and enhancing Nigeria’s global competitiveness.
“The commitment of industry regulators and operators to this workshop demonstrates our collective resolve to tackle critical issues that impact the success of the upstream sector.”
Mr. Udobong Ntia, Executive Vice President, Upstream, of the NNPC Ltd.
Mr. Ntia further said, “NNPC Ltd. is ready to provide the necessary enablers to accelerate the implementation of governance and compliance initiatives.”
Challenges and Opportunities in the Upstream Sector
Nigeria’s upstream sector has faced a series of challenges in recent years, including declining production, regulatory uncertainties, and operational inefficiencies.
The country has struggled to meet its OPEC production quota, and oil theft and pipeline vandalism have further exacerbated the situation. These issues have underscored the urgent need for reforms and a robust governance framework.
During the workshop, participants examined how improved governance practices could mitigate these challenges. Ntia emphasized that achieving operational transparency and regulatory compliance would enhance investor confidence and unlock new opportunities for growth.
“Our transformation into a commercially driven entity underscores our resolve to adopt global best practices in governance and operations,” Ntia said. “This workshop is a testament to our dedication to creating a transparent and sustainable upstream sector that delivers value for all stakeholders.”
As part of its broader transformation agenda, NNPC Ltd. has been restructured into a fully commercial entity under the Petroleum Industry Act (PIA) 2021.
This restructuring aims to position the company as a more efficient and accountable operator in Nigeria’s oil and gas sector. Mr. Ntia reaffirmed NNPC Ltd.’s commitment to these goals and pledged to lead efforts to entrench a culture of excellence and accountability.
The Upstream Governance, Risk and Compliance Workshop marks a significant step toward addressing longstanding challenges in Nigeria’s oil and gas sector.
As the new EVP Upstream, Mr. Udobong Ntia’s leadership is expected to play a pivotal role in advancing these objectives.
His call for transparency, corporate governance, and operational efficiency reflects NNPC Ltd.’s commitment to transforming the sector and creating a more stable and prosperous future for Nigeria’s oil and gas industry.
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