Commission Clarifies Funding Structure, Describes Allegations as Misleading
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has refuted reports alleging that it is withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company Ltd. (NNPCL).
In a statement issued by Eniola Akinkuotu, Head of Media and Strategic Communication, the Commission described the claims as false, misleading, and inconsistent with the Petroleum Industry Act (PIA), which outlines the framework for managing the fund.
NUPRC explained that the Frontier Exploration Fund is administered strictly according to statutory provisions, adding that no part of the allocation designated for frontier basin activities has been delayed or denied. The Commission reaffirmed its commitment to transparency, regulatory clarity, and continued collaboration with the NNPCL to advance exploration efforts in Nigeria’s frontier basins.
The statement also urged the public to disregard misinformation capable of undermining confidence in the nation’s oil and gas regulatory processes, stressing that NUPRC remains focused on enabling investment, strengthening accountability, and supporting Nigeria’s long-term energy development goals.
Post a Comment