The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has concluded a case-by-case review of marginal oil field licences due for renewal, with the final list of qualified companies now awaiting approval from the Minister of State for Petroleum Resources.
NUPRC Chief Executive, Gbenga Komolafe, announced this in Abuja during the Energy and Labour Summit organised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). He said the review was conducted under the framework of the Petroleum Industry Act (PIA) 2021, with transparency and accountability as guiding principles.
Komolafe explained that the evaluation considered the specific milestones attached to each 2020 marginal field award, stressing that an expert team assessed all cases using a transparent score sheet. “The result of the assessment has been forwarded to the Minister of State for approval. We believe that in the weeks ahead, successful companies that have met the required milestone will have their marginal fields renewed,” he said.
He highlighted the 2024 licensing round as a landmark process, describing it as the most transparent in Nigeria’s history, with oversight from the Nigeria Extractive Industries Transparency Initiative (NEITI).
According to Komolafe, the commission is also pursuing the “Project One Million Barrels Per Day” initiative to boost oil production through deep offshore development plans, nodal strategies, and shared infrastructure across facilities such as Bonga, Egina, and Agbami.
PENGASSAN President, Festus Osifo, in his remarks, urged the federal government to adopt the Nigeria LNG model in refinery operations by divesting majority ownership to private investors. He argued that private sector control would ensure efficiency and sustainability in refinery management.
Osifo also called for the revival of dormant oil fields and faster production growth, warning that Nigeria’s 37 billion barrels of reserves risk being underutilised if production levels remain stagnant. He commended NUPRC for its transparent approach, contrasting it with past practices where licences were awarded to political elites without expertise.
The summit, themed “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investment, and Incremental Production”, brought together regulators, labour leaders, and key industry stakeholders to chart the future of Nigeria’s energy sector.
