Regulatory Commission (NUPRC) has finalized its assessment of marginal oil field licences that are up for renewal. Commission CEO Gbenga Komolafe shared the update during the Energy and Labour Summit hosted by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.
Komolafe said each licence was reviewed individually against established milestones, ensuring renewals are granted on merit rather than favoritism. The results are now with the Minister of State for Petroleum, Senator Heineken Lokpobiri, pending approval before being publicly announced.
He stressed that the NUPRC’s 2024 licensing round was transparent and widely praised, particularly by the Nigeria Extractive Industries Transparency Initiative (NEITI). Komolafe further emphasized the commission’s commitment to efficient hydrocarbon management, environmental responsibility, and strategic investment in cleaner energy options.
The commission’s initiatives, including the cluster and nodal development strategy, are designed to optimize existing infrastructure and could unlock more than 810,000 barrels of oil per day in peak potential output from offshore projects such as Bonga, Egina, and Agbami, contributing to the national target of one million barrels per day in incremental production.
At the summit, PENGASSAN President Festus Osifo urged the federal government to reduce its stake in state-owned refineries, proposing a model similar to NLNG where the private sector holds majority ownership. He argued that Nigeria has enough skilled workers to run the refineries efficiently if given proper management and resources.
Osifo also called on companies holding licences for inactive oil fields to begin production, noting that underutilized reserves limit national output. “With nearly 37 billion barrels of crude, producing only two million barrels per day means it could take over 50 years to fully exploit these resources,” he said.
The summit recognized NUPRC’s efforts in driving reforms and transparency in the upstream sector, with industry stakeholders praising the commission for prioritizing accountability and reducing opportunities for political interference.
