Oritsegbubemi Omatseyin
Lagos — The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has forged a partnership with S&P Global for a sustainable investment practice in Nigeria’s oil and gas industry.
The collaboration aims to advance the adoption of global best practices for divestment within the Upstream Oil and Gas sector, especially at a time when the sector faces increasing scrutiny regarding its environmental, social, and governance, ESG, performance.
The Chief Executive Officer of the NUPRC, Engr Gbenga Komolafe, during a meeting with officials of S & P Global at NUPRC’s Headquarters in Abuja, noted that the commission recognises the imperative for responsible investment strategies, hence the need for proactive steps to align its operations with international standards.
According to him the partnership between the Commission and S&P Global underscores NUPRC’s commitment to fostering transparency, accountability, and sustainability within Nigeria’s Oil and Gas landscape.
He added that NUPRC has already set out about six criteria for the divestment assessment, tailored towards a comprehensive evaluation of environmental impact, social responsibility, governance practices, and financial performance, labour relations, and legal framework amongst others.
The Executive Director, of S & P Global, Mohammad Kudri, said the partnership underscores the pivotal role of Nigeria’s prime regulator in the Oil and Gas sector towards driving transformative changes.
Mohammad Kudri also highlighted that embracing international best practices for divestment can navigate the transition towards a more resilient and sustainable energy future, to ensure the long-term prosperity of both the industry and the planet.