The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed its commitment to strengthening regulatory frameworks and fostering partnerships with local oil producers to improve transparency and increase crude oil production.
This was disclosed during a recent meeting between NUPRC Chief Executive Officer, Engr. Gbenga Komolafe, and a delegation from the Independent Petroleum Producers Group (IPPG), led by its Chairman, Abdulrazaq Isa, who also chairs Waltersmith Group.
In a statement issued by the Commission’s spokesperson, the meeting was described as a strategic engagement to enhance collaboration and recognize the NUPRC’s support during the recent asset divestments by international oil companies.
The IPPG reiterated its commitment to backing NUPRC’s “Project One Million Barrels Incremental” initiative, aimed at significantly raising Nigeria’s daily crude oil output. The group emphasized a dual commitment to advancing both oil and gas sectors in line with national priorities.
Komolafe highlighted various reforms introduced under the Petroleum Industry Act (PIA), including the automation of licensing and permitting processes, which he said have reduced delays and improved efficiency across upstream operations.
He also pointed to the implementation of the “drill or drop” policy, which compels operators to either begin production within a set timeframe or forfeit their licenses a measure designed to optimize resource utilization and boost government revenue.
According to Komolafe, these reforms are already producing visible results. “We have seen a rise in rig activity, from just 11 before the PIA to 42 rigs currently in operation,” he said, attributing the growth to improved investor confidence and a revitalized upstream sector.
He further stressed the Commission’s dedication to promoting transparency, accountability, and anti-corruption standards in the oil and gas industry, while calling for ongoing engagement with stakeholders to refine and adapt regulatory policies.
Responding, the IPPG acknowledged the positive trajectory in the upstream sector and praised the Commission’s reform efforts, noting that both local and international confidence in the Nigerian oil industry is growing.
