Oritsegbubemi Omatseyin
Lagos — The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has exceeded its revenue target by 49%.
This revenue growth is attributed to its strategic overhaul of Nigeria’s upstream petroleum sector. Through regulatory reforms, the commission has plugged financial leakages and attracted substantial investments, despite the divestment of some oil and gas assets.
The commission, established under the Petroleum Industry Act, PIA, of 2021, is led by its pioneer Commission Chief Executive, Engr. Gbenga Komolafe. Since its inception, NUPRC has consistently met and surpassed its revenue targets under Komolafe’s leadership.
Speaking on the milestone, the Commission Chief Executive, Engr. Gbenga Komolafe, highlighted that the commission is dedicated to achieving more through several ongoing initiatives. These include the Project One Million Barrels Per Day initiative, bid rounds, and the Drill or Drop mandate, all aimed at revitalizing the sector.
In October 2024, NUPRC launched the One Million Barrels Per Day production initiative, aiming to boost Nigeria’s daily crude production to over 2.7 million barrels. Earlier, in May 2024, the Komolafe spearheaded a bid round for oil blocks at the Offshore Technology Conference in Houston, Texas, attracting major investors like TotalEnergies.
The Drill or Drop initiative, another game-changer, requires oil producers to drill within a specified timeframe or forfeit their license areas. This policy, Komolafe said, has significantly enhanced revenue collection and ensured optimal use of oil assets.
The commission has also emphasised its commitment to transparency and accountability. According to Komolafe, the commission operates within the framework of the Federation Accounts, ensuring increased revenue flows into government coffers over the past three years.
Engr. Komolafe further stated NUPRC’s role in recovering government revenue through royalties, emphasizing the importance of checks and balances in fulfilling its statutory mandate.
