PE Energy’s audit to boost oil revenue – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission says PE Energy Limited’s report will boost revenue generation.

The body made this observation upon receiving the Engineering Audit Report on Upstream Measurement Equipment and Facilities in the Nigerian oil and gas sector.

The report was presented by the Chairman, PANA Holdings/Group Chief Executive Officer, PE Energy Limited, Daere Akobo, to the Chief Executive Officer of the NUPRC, Gbenga Komolafe.

According to Akobo, the audit was commissioned following the approval of the Federal Executive Council under the leadership of President Bola Tinubu, in alignment with the administration’s Renewed Hope Agenda to enhance economic governance, revenue assurance, and sectoral transparency.

In a statement, Akobo disclosed that the initiative was supported by the dedicated oversight of the Minister of State for Petroleum Resources (Oil), Heineken Lokobiri, and the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.

Approved by the Federal Executive Council in 2024, Komolafe said the report marked a decisive response towards the improvement in hydrocarbon measurement and accountability to ensure optimal revenue collection within Nigeria’s oil and gas landscape.

As mandated by the Petroleum Industry Act 2021, the NUPRC is tasked with ensuring that hydrocarbon resources are accurately measured and reported.

Komolafe said the audit had helped in conducting a gap analysis, delivering a verified baseline inventory of all measurement points, and implementing a competency transfer programme for the commission toward reshaping regulatory culture in the upstream sector.

Areas covered by the audit included on-site inspections and evaluations of all upstream metering systems, documentation of both current and ideal measurement points as defined by the PIA, development of intervention strategies ranging from equipment upgrades to new installations, and advisory services to optimise measurement in areas with limited metering infrastructure.

Komolafe noted that the results would redefine how Nigeria manages and monetises its most vital natural resource and pledged to ensure that the recommendations are fully implemented.

The audit initiative, according to the Chairman of PE Energy, Akobo, was a critical pillar in Nigeria’s broader reform agenda for the oil and gas sector as it sought to overhaul how oil production is measured and monitored, sending a clear message that a new era under the Petroleum Industry Act has begun, where accuracy, accountability, and transparency are non-negotiable.

SOURCE : PUNCH