• HEDA urges NUPRC on strict compliance with oil divestment conditions

    Heda urges nuprc on strict compliance with oil divestment conditions - nigeria newspapers online
    • 2Minutes – Read
    • 206Words (Approximately)

    Following the commencement of the evaluation of divestment processes of onshore assets by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Human and Environmental Development Agenda (HEDA Resource Centre) has tasked the commission with strict compliance with divestment conditions by divesting parties.

    The conditions, HEDA said, encompass legal requirements, safety standards, environmental considerations, proof of financial means, and host community welfare among other indicators evaluated by the Commission.

    HEDA’s Chairman, Olanrewaju Suraju, highlighted the significance of addressing the evolving divestment by oil companies in Nigeria, particularly its impact on the Niger-Delta region and climate change.

    “Environmental issues associated with decommissioning and abandonment must be remediated under international best practices, ensuring respect for human rights, compensation, climate change exacerbation, SLCP emissions, and addressing social and economic risks such as oil theft and pipeline vandalism,” Suraju stated.

    HEDA therefore calls on both federal and state governments, as well as local communities, to collaborate in jointly addressing the challenges of corruption in oil-related activities.

    “These challenges range from inadequacies in legal frameworks enforcement and community engagement to inefficient regulation and corporate responsibilities.

    “By working together, governments, regulatory bodies, NGOs and communities can effectively tackle corruption and promote sustainable development in Nigeria’s oil and gas sector,” Suraju maintained.

    See More Stories Like This