The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to enforce its ‘drill or drop’ policy, urging oil producers to either commence production within a set timeframe or forfeit their licenses.
NUPRC Chief Executive, Gbenga Komolafe, revealed this during a recent meeting with a delegation from the Independent Petroleum Producers Group at the commission’s headquarters in Abuja.
In a statement issued by the commission, Komolafe emphasized that the policy is designed to revamp the oil and gas sector by ensuring that petroleum assets are put to productive use. He noted that it also aims to increase government revenue and promote greater operational efficiency in the industry.
“Operators will be required to either begin production within a defined period or relinquish their licenses,” Komolafe was quoted as saying. “The objective is to drive optimal asset utilization, stimulate investment, and enhance the sector’s contribution to the national economy.”
