NUPRC Recovers Over 50 Oil Fields Under New Policy

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has recovered more than 50 fallow oil fields from license holders who did not fulfill their development obligations under the Petroleum Industry Act. This action is part of NUPRC's enforcement of the "drill-or-drop" policy, which mandates that companies must either execute their committed work programs or relinquish their licenses.

The recovery of these fields occurred approximately two years ago and they have since been offered to investors capable of developing them. Olaide Shaw, the commission’s director of Acreage Management, emphasized that warehousing of acreage, holding licenses without active development, is unacceptable.

The commission has transitioned to fully digital approval processes and collaborates with multi-client data firms to expedite project development. Tony Attah, CEO of Renaissance Energy, stated the company aims to increase oil production from 265,000 to 500,000 barrels per day and supply 1 billion cubic feet of gas per day to the domestic market.

Ademola Adeyemi-Bero, CEO of First E&P, noted the potential for a $100 billion investment cycle in Nigeria's oil sector.