Nigeria’s oil regulator speaks on Russian-Ukrainian tension, $100 per barrel oil price
Nigeria has declared plans to embargo approval of fund hunting for oil firms at its upstream operations unless they present record of their achievements.
Platforms Africa reports that the Executive Secretary of the Nigerian Upstream Regulatory Commission (NURC), Engineer Gbenga Komolafe, said this at the Nigeria International Energy Summit (N.I.E.S) in Abuja.
It is statutory for oil firms operating in Nigeria to, checks by Platforms Africa showed, seek approval from he authority before funds are sourced from local or global lenders.
Komolafe maintained that oil producers operationg in the country’s multi-billion dollars oil and gas industry must now present thie acheivements before they are allowed to acquire funds.
“Nigerian upstream firms are now being asked basis for acquiring fund for development.
“They are to present records of achievements before their applications for funds approval are granted,” he said.
He added that the country must tap in on the oil price surge caused by the tension between Russia and Ukraine, which has pushed prices of the commodity above $100 per barrel.
“The Russian-Ukrainian crisis has caused an upward spring of oil price above $100 per barrel. This presents opportunity for Nigeria to maximise business,” he said.
