The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, has declared that the era of oil companies holding on to prospecting licences without developing the assets is over.
Eyesan said the regulator is now strictly enforcing the “drill-or-drop” provision contained in the Petroleum Industry Act (PIA), compelling operators to either commence exploration activities or relinquish idle oil blocks.
She made this known while receiving a delegation from the Petroleum Directorate of Sierra Leone at the Commission’s headquarters in Abuja.
According to her, the enforcement of Section 94 of the PIA has fundamentally changed the landscape of Nigeria’s upstream sector by eliminating the long-standing practice where operators held licences for decades without developing the assets.
She explained that the new regime has begun to attract more serious investors into Nigeria’s upstream sector, particularly in the on-going 2025 licencing round, which is expected to boost the country’s petroleum reserves and unlock new exploration opportunities.
