ABUJA, Nigeria (VOICE OF NAIJA)-The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has reaffirmed the Commission’s commitment to fostering a conducive business environment, advancing regulatory reforms, and enhancing investor confidence.
In a statement signed by the NUPRC spokesperson on Friday, Komolafe conveyed this assurance during a recent meeting with a delegation from the Independent Petroleum Producers Group (IPPG) at the Commission’s Abuja headquarters.
The delegation was led by IPPG Chairman, Mr. Abdulrazaq Isa, who also chairs Waltersmith Group, a Nigerian oil and gas firm.
The visit was described as a strategic engagement aimed at deepening collaboration between the regulatory body and indigenous operators.
It also served as a platform for IPPG to formally appreciate the Commission’s role in the recent asset divestments by international oil companies.
According to the statement, “During the meeting, the IPPG reaffirmed its commitment to supporting the Commission’s ‘Project One Million Barrels Incremental’ initiative a program 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.”
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It continued, “In his remarks, the Commission Chief Executive, Engr. Gbenga 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 (PIA), including the automation of regulatory processes such as granting of licenses and permits, which has significantly reduced bureaucratic delays and improved operational efficiency across the sector.”
Komolafe also addressed the Commission’s adoption of the “drill or drop” policy, which mandates that operators either commence production within a set timeframe or forfeit their licenses.
The policy is aimed at revitalising the sector, optimizing asset utilization, and boosting government revenue.
The statement further noted, “The CCE noted that these policies have already begun to yield tangible results, citing a significant increase in rig activity from 11 rigs prior to the PIA to 42 rigs currently in operation. This surge reflects growing investor confidence and a revitalised upstream sector.
He also emphasised the Commission’s ongoing efforts to promote transparency, accountability, and anti-corruption measures across the industry.”
It added that Komolafe encouraged continued dialogue with industry stakeholders, stressing the importance of honest feedback in refining regulatory frameworks and keeping policies aligned with the sector’s evolving demands.
In its response, the IPPG acknowledged the effectiveness of the reforms, noting that confidence in Nigeria’s upstream sector has risen both locally and globally.