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.
This collaboration aims to advance the adoption of global best practices for divestment within the Upstream Oil and Gas sector especially at time when the sector faces increasing scrutiny regarding its environmental, social, and governance (ESG) performance.
The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, 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 criterias for the divestment assessment, tailored towards comprehensive evaluation of environmental impact, social responsibility, governance practices, and financial performance, labor relations and legal framework, etc.
The Executive Director, S&P Global, Mohammed kudri said, the partnership underscores the pivotal role of Nigeria’s prime regulator in the Oil and Gas sector towards driving transformative changes.
Mohammmed kudri also highlighted that embracing international best practices for divestment can navigate the transition towards a more resilient and sustainable energy future, ensuring the long-term prosperity of both the industry and the planet.