In a major milestone for Nigeria’s oil and gas sector, PE Energy Limited has officially submitted the country’s first comprehensive Engineering Audit Report on Upstream Measurement Equipment and Facilities to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The landmark report was formally handed over by Dr. Daere Akobo, Chairman of PANA Holdings and Group CEO of PE Energy, to Engr. Gbenga Komolafe, FNSE, the Chief Executive of NUPRC, during a high-level ceremony.
The audit, commissioned by the Federal Executive Council under the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, is a critical move aimed at strengthening governance, boosting revenue assurance, and deepening transparency within Nigeria’s upstream petroleum industry.
According to Dr. Akobo, the audit reflects the government’s commitment to systemic reform in the oil and gas sector. “This initiative received dedicated oversight from the Honourable Ministers of State for Petroleum Resources – Sen. Heineken Lokpobiri for Oil, and Rt. (Obongemem) Ekperikpe Ekpo for Gas – whose support was instrumental to its success,” he said.
He also applauded the leadership of Engr. Komolafe, describing him as a “visionary reformer” whose drive has helped reshape Nigeria’s regulatory environment in line with the Petroleum Industry Act (PIA) 2021 and the Nigerian Upstream Petroleum Measurement Regulations 2023.
READ ALSO: Nigeria’s Oil Can Last 64 Years, Gas for 93 Years — NUPRC
“The unwavering commitment of the NUPRC technical team and directorates throughout the audit process cannot be overstated. Their professionalism was key in ensuring a thorough and credible review,” Akobo added.
The submission of this engineering audit represents a critical step toward enhancing hydrocarbon measurement accuracy, improving revenue tracking, and reinforcing operational integrity in Nigeria’s oil and gas upstream sector.
Industry analysts say the report could serve as a cornerstone for regulatory reforms and fiscal accountability in the sector, marking a pivotal shift in Nigeria’s pursuit of energy sector transparency and efficiency.