NUPRC seeks finance, investment from Bank of America to increase oil production

The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged the Bank of America to increase funding and investment portfolios for Nigeria’s upstream oil sector to boost crude oil production.

In a statement by NUPRC spokesperson, Eniola Akinkuotu, the agency’s Chief Executive Officer, Gbenga Komolafe, made this request when the Managing Director and Head of Investment Banking Sub-Saharan Africa, Bank of America, Mr Chuba Ezenwa, paid a courtesy visit on Tuesday in Abuja.

He 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.

He said although Nigeria’s oil production had witnessed a surge increase in the last twelve months, however, funding remained a challenge for companies seeking to scale up.

Komolafe, consequently, urged the Bank of America to prioritise Nigeria’s upstream sector in its investment portfolio.

“Nigeria is richly endowed with hydrocarbons, 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,” Engineer Komolafe said.

On his part, Ezenwa said the rise in oil production was a reflection of the commission’s leadership.

“We will continue to provide support,” the Bank of America representative said.