PE Energy Limited, a leading energy services company in Nigeria, has officially submitted its Engineering Audit Report on Upstream Measurement Equipment and Facilities in the Nigerian oil and gas sector to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The historic document, which marks the country’s first engineering audit of upstream measurement systems, was presented by the Chairman of PANA Holdings and Group Chief Executive Officer (GCEO) of PE Energy Limited, Dr. Daere Akobo, to the Commission Chief Executive (CCE) of NUPRC, Engr. Gbenga Komolafe, in Abuja.
The audit, which was approved by the Federal Executive Council (FEC) under the administration of President Bola Ahmed Tinubu, is in line with the Renewed Hope Agenda focused on boosting economic governance, ensuring revenue transparency, and improving accountability across critical sectors of the Nigerian economy, especially oil and gas.
According to Dr. Akobo, the audit was carried out with the full support of the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo. He praised their leadership and dedication to ensuring that Nigeria builds a solid framework for hydrocarbon measurement and reporting.
Dr. Akobo noted that the audit is not only a technical assessment but a national reform initiative aimed at revamping the country’s upstream oil and gas measurement systems. He explained that such systems are critical for improving hydrocarbon accountability, revenue assurance, and ensuring that Nigeria gets the right value from its natural resources.
“Special recognition is extended to the Commission Chief Executive of NUPRC, Gbenga Komolafe, whose visionary leadership and commitment to reform enabled the successful execution of this national priority project,” Akobo said during the presentation.
He added: “Under his stewardship, the Commission has shown exceptional resolve in advancing Nigeria’s regulatory landscape in alignment with the Petroleum Industry Act (PIA) 2021 and the Nigerian Upstream Petroleum Measurement Regulations 2023.”
He also commended the hard work and professionalism of the technical teams and directorates within NUPRC who worked with PE Energy to deliver the comprehensive audit. Their support, he said, was key to the project’s success.
The audit was focused on upstream measurement equipment and infrastructure, which includes flow stations, metering systems, pipeline monitoring tools, and other critical systems used to measure crude oil and gas production before it reaches the market or export terminals.
Industry analysts believe this audit will play a major role in helping Nigeria block revenue leakages, improve data integrity in oil production figures, and enhance the confidence of investors and partners in the upstream sector.
It is also expected to contribute significantly to Nigeria’s compliance with international best practices and improve transparency as mandated by the Extractive Industries Transparency Initiative (EITI) and other global regulatory bodies.
With the completion and submission of this report, NUPRC is now expected to review the findings and implement key recommendations that will further strengthen the regulatory framework guiding measurement systems in Nigeria’s upstream petroleum sector.
The report comes at a time when Nigeria is working to boost production and reduce crude oil theft and pipeline vandalism — major issues that have impacted government earnings and investor trust in recent years.
Dr. Akobo concluded by stating that the work done by PE Energy represents a strong example of how indigenous Nigerian companies can deliver world-class results when given the right support and opportunity.
This engineering audit marks a major milestone in Nigeria’s journey toward a more transparent, accountable, and technically sound oil and gas industry.
