The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has said that the commission will remain dedicated to creating an enabling business environment and boosting investors’ confidence.
This is coming as Gbenga welcomed a delegation from the Independent Petroleum Producers Group at the NUPRC headquarters in Abuja.
Speaking via a press statement, the spokesperson for the NUPRC said that the visit was a strategic meeting aimed at enhancing collaboration between the commission and indigenous producers.
It also served as an opportunity for the IPPG to appreciate the NUPRC for the vital role it played in facilitating the recent divestment of assets by international oil companies.
According to the statement, IPPG reiterated its dedication to supporting NUPRC’s “Project One Million Barrels Incremental” initiative, a programme meant to enhance Nigeria’s daily crude oil production.
At the visit, IPPG reaffirmed its readiness to support the national objective, stressing that the dual focus on both oil and gas development is the right way to go.
“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.
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 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,” it read.
Gbenga Komolafe further noted that the commission’s reform policies are already yielding good results, emphasising that there has been a major increase in rig activity.
He concluded by saying that the increase clearly reflects growing investor confidence and a revitalised upstream sector.
“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.
He encouraged continuous dialogue and honest feedback from industry stakeholders, stressing that such engagement is vital for finetuning regulatory frameworks and ensuring that policies remain responsive to the evolving needs of the sector,” he added.
