The Federal Government, yesterday, promised a strong regulatory framework for the nation’s oil and gas sector, stating that challenges slowing down investment in the sector are being tackled to shore up production.

The industry has been struggling, as oil companies divest amid oil theft, regulatory hiccups and climate change. Minister of State for Petroleum, Heineken Lokpobiri, speaking during an inspection tour of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), observed that the concerns of International Oil Companies (IOCs) were being addressed to improve the operating environment.

According to him, there is a need to ensure that the regulatory bodies have the right tools to work with for a better sector.
Lokpobiri said the new administration had engaged fruitfully operators and relevant stakeholders on sustainable solutions.

He lauded ongoing efforts of the NUPRC to sanitise the industry. Earlier, NUPRC boss, Gbenga Komolafe, revealed moves aimed at providing a friendly environment for operators.