The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to implement the ‘drill or drop’ policy across the country’s oil sector.
Chief Executive of the NUPRC, Gbenga Komolafe, revealed the commission’s readiness during a meeting with the Independent Petroleum Producers Group (IPPG) at the NUPRC headquarters in Abuja.
According to a statement by the commission, Komolafe explained that under the new policy, oil and gas operators must either commence production within a stipulated period or forfeit their operating licenses.
“This policy is designed to revitalise the oil sector, ensure optimal asset utilisation, and significantly improve government revenue,” Komolafe stated.
The move comes in line with repeated warnings by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who has vowed that the federal government will reclaim all idle oil assets from operators who fail to develop them.
The implementation of this policy is expected to spur activity in Nigeria’s upstream sector, attract new investments, and prevent the underutilisation of valuable national resources.
