The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has restated the Commission’s commitment to regulatory reforms aimed at fostering a conducive business environment and bolstering investor confidence in Nigeria’s upstream oil and gas sector.
This assurance was given during a strategic engagement held at the Commission’s headquarters in Abuja, where Komolafe received a delegation from the Independent Petroleum Producers Group (IPPG). The meeting, according to a statement released on Friday by the Commission’s spokesperson, was part of ongoing efforts to strengthen collaboration with indigenous operators and advance national production goals.
The IPPG delegation was led by its Chairman, Abdulrazaq Isa, who also heads Waltersmith Group, a leading indigenous energy company. The visit served not only as a platform for dialogue but also as an opportunity for the group to commend the NUPRC’s pivotal role in overseeing the recent divestment of upstream assets by international oil companies (IOCs) to local firms.
According to the statement, the producers expressed appreciation for the Commission’s transparent handling of the asset transfer process, which they described as a significant turning point for local participation in Nigeria’s oil and gas landscape.
“During the meeting, the IPPG reaffirmed its commitment to supporting the Commission’s ‘Project One Million Barrels Incremental’ initiative a program designed to raise Nigeria’s daily crude oil output,” the statement read. “The group also underscored its dual focus on both oil and gas development as part of efforts to drive national energy growth.”
In his remarks, Komolafe welcomed the delegation and emphasized the importance of continued dialogue between the regulator and industry stakeholders. He outlined several policy milestones achieved since the enactment of the Petroleum Industry Act (PIA), including the automation of regulatory processes such as licensing and permitting. These digital transformations, he noted, have significantly reduced bureaucratic hurdles and improved overall operational efficiency.
Komolafe also spoke about the imminent implementation of the Commission’s “drill or drop” policy, which mandates oil and gas licensees to commence production within a specific timeframe or risk losing their leases. According to him, the policy is designed to ensure effective utilisation of petroleum assets, enhance sector performance, and increase government revenue.
Highlighting the impact of recent reforms, Komolafe revealed that Nigeria’s rig count has surged from 11 to 42 since the introduction of the PIA a development he attributed to renewed investor interest and growing confidence in the regulatory framework.
“The reforms we’ve introduced are delivering measurable results,” Komolafe said. “Beyond the increased rig activity, we’re also committed to promoting transparency, accountability, and anti-corruption practices across the entire upstream sector.”
He stressed the importance of honest feedback from industry players, describing it as vital to refining regulatory policies and ensuring they remain adaptive to the evolving dynamics of the energy market.
In response, the IPPG expressed optimism about the future of Nigeria’s upstream sector, praising the Commission for its progressive approach to regulation and the tangible outcomes achieved so far. The group noted that both domestic and foreign investors are showing renewed interest in the Nigerian oil and gas industry, thanks to the policy clarity and operational efficiency now being implemented.
