The Chief Executive of the NUPRC, Gbenga Komolafe, disclosed this when he received a delegation from the Independent Petroleum Producers Group at the commission’s headquarters in Abuja recently.
According to a statement by the NUPRC, Komolafe emphasised that oil and gas producers must either begin production within a specified timeframe or relinquish their licenses. He stated that the policy aimed to revitalise the oil sector, ensure optimal use of assets, and boost government revenue.
“Komolafe also discussed the implementation of the ‘drill or drop’ policy, which requires operators to either begin production within a specified timeframe or relinquish their licenses. This policy aims to revitalise the oil sector, ensure optimal use of assets, and boost government revenue,” the NUPRC chief executive was quoted.
The PUNCH reports that the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, had repeatedly vowed to enforce the ‘drill or drop’ policy would be implemented, saying the government would take over all idle oil wells from operators holding on to them.
Meanwhile, at the meeting, Komolafe welcomed the delegation and reiterated the NUPRC’s dedication to creating an enabling business environment.
He outlined several key policies implemented since the enactment of the Petroleum Industry Act, including the automation of regulatory processes such as granting of licenses and permits, which he said have significantly reduced bureaucratic delays and improved operational efficiency across the sector.
The statement disclosed that the delegation was led by the IPPG Chairman, Mr Abdulrazaq Isa, who also serves as the Chairman of Waltersmith Group, an indigenous oil and gas company.
“The visit was a strategic engagement aimed at strengthening collaboration between the commission and indigenous producers. It also served as an opportunity for the IPPG to formally express its appreciation to the NUPRC for the critical role it played in facilitating the recent divestment of assets by international oil companies.
“These divestments, which were closely overseen by the commission, have enabled a significant transfer of upstream oil and gas assets to indigenous operators. This transition marks a pivotal shift in Nigeria’s energy landscape, creating new opportunities for local companies to scale up operations,” it was stated.
During the meeting, the IPPG reportedly reaffirmed its commitment to supporting the commission’s ’Project One Million Barrels Incremental’ initiative—a programme designed to boost Nigeria’s daily crude oil production.
The group emphasised its readiness to align with this national objective and highlighted its dual focus on both oil and gas development.
SOURCE : PUNCH
About The Author
A person essentially lend a hand to make severely articles I would state. This is the first time I frequented your website page and so far? I amazed with the analysis you made to create this particular submit extraordinary. Excellent task!