The Senate Committee on Petroleum Resources on Monday cleared Magnus Abe, former senator representing Rivers South-East, for appointment as chairman of the board of the Nigerian Upstream Petroleum Regulatory Commission.

Abe and other nominees submitted by President Bola Tinubu were screened by the committee.

The committee was chaired by Eteng Williams, senator representing Cross River Central.

The lawmakers considered nominees for appointment as chairman and non-executive commissioners of the commission.

In line with Senate tradition, Abe was asked to “take a bow and go,” a privilege typically extended to former lawmakers appearing before the chamber for confirmation.

Other nominees screened by the committee included Paul Jezhi, former chairman of the Trade Union Congress in Kaduna, and Sunday Babalola, a former deputy director at the defunct Department of Petroleum Resources.

Speaking with journalists after the screening, Abe said rising global oil prices driven by tensions between the United States and Iran present both challenges and opportunities for Nigeria.

“This is a very difficult time for the entire planet. It’s not just a Nigerian challenge; it is a global challenge,” he said.

Abe said the global crisis could drive up fuel prices but may also boost Nigeria’s oil revenue.

“You must look at the balancing act. Prices will definitely be affected, but revenues from our oil sales will also be positively affected,” he said.

“There will be some measure of balance in what will happen.”

Abe, who is also a former member of the Rivers State House of Assembly, called for an end to the conflict.

“Human beings are actually dying,” he said.

“Our prayers should be that this conflict, which in my opinion is unnecessary and harmful to the entire world, should quickly come to an end so that we can begin to recover.”