. ‘We are in,’ what IPPG Chairman, Abdulrazaq Isa, said on Project One Million Barrels Incremental initiative, a programme designed by NUPRC to boost daily crude oil production.
A delegation from the Independent Petroleum Producers Group (IPPG) visited the Abuja headquarters of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday, during which it reviewed the Commission’s role in the assets divestment by the International Oil Companies (IOCs) amounting to over $3.68 billion.
Platforms Africa reports that Renaissance Africa Energy Holdings successful completed acquisition of Shell Petroleum Development Company of Nigeria (SPDC) for $2.4 billion whole the Seplat Energy’s purchased Exxon Mobil’s onshore assets, valued at $1.28 billion, among others.
The IPPG’s visit led by the group’s chairman, Mr. Abdulrazaq Isa, therefore lauded the Commission
for its regulatory reforms and applauded its role in facilitating the divestment of assets by the IOCs.
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A statement by the NUPRC stated that the visit was a strategic engagement aimed at strengthening collaboration between the Commission and indigenous producers.
These divestments, which were closely supervised 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 Project One Million Barrels Incremental initiative, a programme designed by NUPRC to boost 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.
While receiving the delegation, the Commission Chief Executive (CCE), Engr. Gbenga Komolafe, reiterated the Commission’s commitment to creating an enabling business environment, outlining several key policies implemented since the enactment of the Petroleum Industry Act (PIA). He mentioned the automation of regulatory processes, such as the 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 commence 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 CCE noted that these policies have already begun to yield tangible results, citing a significant increase in rig activity, from 11 rigs before the PIA to 42 rigs currently in operation. This surge reflects growing investor confidence and a revitalised upstream sector.
He also emphasised ongoing efforts to promote transparency, accountability and anti-corruption measures across the industry.
The CCE encouraged continuous dialogue and honest feedback from industry stakeholders, as he stressed that such engagements are vital for fine-tuning regulatory frameworks and ensuring that policies remain responsive to the evolving needs of the sector.
Responding, the IPPG acknowledged the positive impact of these reforms, noting the improved confidence in the Nigerian upstream sector both domestically and internationally.
The meeting underscored the importance of collaboration between regulators and indigenous producers in achieving the country’s energy and economic aspirations.
Platforms Africa
