Oritsegbubemi OmatseyinLagos — The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, welcomed a delegation from the Independent Petroleum Producers Group, IPPG, at its headquarters in Abuja. The visit was led by IPPG Chairman, Mr. Abdulrazaq Isa, who also serves as the Chairman of Waltersmith Group, an indigenous oil and gas company.
The visit was a strategic engagement aimed at strengthening collaboration between the Commission and indigenous producers. It also served as an opportunity for the IPPG to formally express its appreciation to the NUPRC for the critical role it played in facilitating the recent divestment of assets by international oil companies.
These divestments, which were closely overseen by the Commission, have enabled a significant transfer of upstream oil and gas assets to indigenous operators. This transition marks a pivotal shift in Nigeria’s energy landscape, creating new opportunities for local companies to scale up operations.
During the meeting, the IPPG reaffirmed its commitment to supporting the Commission’s “Project One Million Barrels Incremental” initiative, a programme designed to boost Nigeria’s daily crude oil production. The group emphasized 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 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.
Engr. 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 revitalize the oil sector, ensure optimal use of assets, and boost government revenue.
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 revitalized upstream sector. He also emphasized the Commission’s ongoing efforts to promote transparency, accountability, and anti-corruption measures across the industry.
The CCE 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.
In response, the IPPG acknowledged the positive impact of these reforms, noting increased confidence in the Nigerian upstream sector both domestically and internationally.
The meeting underscored the importance of collaboration between regulators and indigenous producers in achieving Nigeria’s energy and economic aspirations.
