The Nigerian Upstream Petroleum Regulatory Commission has told oil producers that it is set to implement the ‘drill or drop’ policy.
The Chief Executive of the NUPRC, Gbenga Komolafe, disclosed this when he received a delegation from the Independent Petroleum Producers Group at the commission’s headquarters in Abuja recently.
According to a statement by the NUPRC, Komolafe emphasised that oil and gas producers must either begin production within a specified timeframe or relinquish their licenses. He stated that the policy aimed to revitalise the oil sector, ensure optimal use of assets, and boost government revenue.
“Komolafe also discussed the implementation of the ‘drill or drop’ policy, which requires operators to either begin 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 NUPRC chief executive was quoted.
The PUNCH reports that the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, had repeatedly vowed to enforce the ‘drill or drop’ policy would be implemented, saying the government would take over all idle oil wells from operators holding on to them.
