The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has reiterated the Commission’s dedication to creating an enabling business environment, regulatory reforms and boosting investors’ confidence.
A statement signed by the spokesperson for the NUPRC and made available to PUNCH Online on Friday, stated that Komolafe made this known when he recently welcomed a delegation from the Independent Petroleum Producers Group at its headquarters in Abuja.
According to the statement, the visit was led by IPPG’s chairman, Mr. Abdulrazaq Isa, who also serves as the chairman of Waltersmith Group, an indigenous oil and gas company.
It added that 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.
The statement partly read, “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.”
The statement added that Komolafe explained that the commission’s reform policies are already yielding positive results.
“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.”
In response, the IPPG acknowledged the positive impact of these reforms, noting increased confidence in the Nigerian upstream sector both domestically and internationally.
