The commission is reiterating its commitment to a 'drill-or-drop' policy, aiming to prevent the 'warehousing' of awarded blocks. This policy requires companies holding oil and gas acreage to either proceed with their committed work programs or relinquish the assets to more capable investors.
Olaide Shaw, Director of Acreage Management at NUPRC, stated that the recovered fields have been reintroduced into the licensing process. She explained that acreage warehousing involves companies holding licenses without developing them, often for photo opportunities rather than genuine progress.
NUPRC has also transitioned to a fully digital system, which has improved the commission's efficiency in processing applications. Additionally, the commission is working with partners to ensure the availability of crucial data to facilitate quicker development of hydrocarbon resources.
Industry leaders are discussing the scale of investment and necessary reforms for Nigeria's upstream sector. Companies like Renaissance Energy are outlining ambitious production targets, while others emphasize the importance of domestic value retention and strengthening local oilfield services to ensure investments benefit Nigeria.