WATCH THE VIDEO HERE The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has exceeded its revenue target by 49 per cent. According to the regulator, the revenue growth is attributed to its strategic overhaul of Nigeria’s upstream petroleum sector. Through regulatory reforms, the commission has plugged financial leakages and attracted substantial investments, despite the divestment of some oil and gas assets. Speaking on the milestone, the Chief Executive Officer of the commission, Mr Gbenga Komolafe, highlighted that the commission is dedicated to achieving more through several ongoing initiatives. The commission, established under the Petroleum Industry Act (PIA) of 2021, replaced the defunct Department of Petroleum Resources (DPR) and oversees the technical and commercial operations in Nigeria’s upstream petroleum sector. According to Mr Komolafe, the NUPRC has been able to set certain milestones including the Project One Million Barrels Per Day initiative, bid rounds, and the Drill or Drop mandate, all aimed at revitalising the sector. In October 2024, NUPRC launched the One Million Barrels Per Day production initiative, aiming to boost Nigeria’s daily crude production to over 2.7 million barrels. Earlier, in May 2024, the Komolafe spearheaded a bid round for oil blocks at the Offshore Technology Conference in Houston, Texas, attracting major investors like TotalEnergies. The Drill or Drop initiative, which he tagged as another game-changer, requires oil producers to drill within a specified timeframe or forfeit their license areas. According to Mr Komolafe, this has significantly enhanced revenue collection and ensured optimal use of oil assets. He also noted that the commission has also emphasised its commitment to transparency and accountability. According to Mr Komolafe, the commission operates within the framework of the Federation Accounts, ensuring increased revenue flows into government coffers over the past three years. Mr Komolafe further stated NUPRC’s role in recovering government revenue through royalties, emphasizing the importance of checks and balances in fulfilling its statutory mandate.
NUPRC Beats 2024 Revenue Target by 49%
