The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to enforce a new policy that will lead to the revocation of inactive oil licences.
Under the ‘drill or drop’ policy, oil producers must commence production within a set timeframe or forfeit their licences.
NUPRC Chief Executive, Gbenga Komolafe, made this known during a recent meeting with a delegation from the Independent Petroleum Producers Group at the commission’s headquarters in Abuja.
In a statement released by the NUPRC, Komolafe explained that the policy is designed to rejuvenate the oil sector, maximise asset utilisation, and increase government revenue.
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He stressed that producers must either develop their allocated fields or lose the rights to them.
