The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it identified 400 dormant oil fields, and directed complacent companies to take quick actions to revive them.
In line with the PIA 2021 and with the support of President Bola Tinubu, NUPRC said it was implementing the ‘Drill or Drop’ policy which prescribes that unexplored acreages are to be relinquished.
This is designed to ensure the optimal use of oil assets and prevent dormant fields from tying up potential reserves.
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The Commission said this policy successfully identified 400 dormant oil fields and has also propelled complacent oil companies to take quick action.
The commission also counted billions of dollars recorded in divestments by the international oil companies (IOCs) in 2024.
“From the Nigeria Agip Oil Company (NAOC) to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy. The divestment is about investor portfolio re-ordering to focus on deep-offshore development,” NUPRC said.
It also mentioned the regulations it developed in line with the PIA.
“To give meaning to the intent of the PIA, 2021, the commission in consultation with stakeholders has developed 24 forward-thinking regulations. So far, 19 have been gazetted while five await gazetting. These forward-thinking regulations serve as tools for transparency and creation of enabling investment climate and benchmark best practices,” NUPRC stated.
The NUPRC said it completed awards of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP), adding that the programme was aimed at eliminating gas flaring and attracting at least $2.5 billion in investments.
As part of its mandate to develop the country’s hydrocarbon, the commission said it has recorded 306 development wells drilled and completed between 2022 to date.
The NUPRC said it issued Nigeria’s first Petroleum Exploration Licence (PEL) for a large offshore geophysical survey covering 56,000 km² of 3D seismic and gravity data.
Furthermore, the commission stated that it has reprocessed 17,000 line-kilometres of 2D seismic data and 28,000 square kilometres of 3D seismic data, producing sharper, higher-resolution images of our petroleum systems and reducing the uncertainties that once hindered exploration decisions.
On crude oil theft, it noted that in 2021 the average daily crude oil losses stood at 102,900 barrels per day or 37.6 million barrels per year.
“However, due to combined efforts of the General Security Forces and Private Security Contractors (TANTITA) as well as collaborative effort of the commission this has reduced by 90 per cent to specifically 9,600bpd in September 2025.
“Furthermore, two pioneer regulations introduced by the Commission have also contributed to the success, namely: The Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation respectively, have contributed as pioneer efforts at achieving transparency in hydrocarbon accounting”, the NUPRC stated.
Even outside the shores of Nigeria, Komolafe-led NUPRC said it has continued to show leadership as it championed the establishment of the African Petroleum Regulators Forum (AFRIPERF).
According to the statement, the last event of the AFRIPERF at the Africa Oil Week (AOW) was attended by 16 African countries namely: Nigeria, Ghana, Somalia, Gambia Madagascar, Sudan, Guinea, Togo, Angola, South Africa, Mozambique, Benin Republic, Kenya, Namibia, Morocco and Mauritania.
The commission explained that AFRIPERF provides regulators with the mechanism to harmonise oil and gas development policies to facilitate cross-border infrastructure development, benchmark fiscals and present a strong voice for Africa in hydrocarbon advocacy globally.
