Oil
NUPRC recovers fifty fallow oil fields under drill-or-drop policy
The Nigerian Upstream Petroleum Regulatory Commission has recovered over fifty idle oil blocks to spur production and investment.
Key points
- Over fifty fallow oil fields recovered under the Petroleum Industry Act.
- Renaissance aims to reach 500,000 barrels per day and 1 bcf/d domestic gas.
- Industry stakeholders highlight the need to retain upstream investments locally.
What happened
According to ThisDayLive, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has successfully recovered more than 50 fallow oil fields from default awardees. Speaking during the regulator's fifth anniversary panel session in Abuja, NUPRC Director of Acreage Management Olaide Shaw stated that the assets were retrieved by enforcing the Petroleum Industry Act provisions on acreage management and the "drill-or-drop" policy.
Shaw explained that the recovered blocks have been returned to the licensing pool for qualified investors. She criticized the practice of acreage warehousing, where awardees hold licenses without committing financial resources or development plans.
Why it matters
The push to unlock dormant assets coincides with major production targets from upstream operators. Renaissance Energy Chief Executive Tony Attah announced plans to increase the company's crude output from 265,000 barrels per day to 500,000 barrels per day, while scaling domestic gas supply to 1 billion cubic feet per day to support industrialisation. Meanwhile, First E&P Chief Executive and OPEC Governor Ademola Adeyemi-Bero noted that Nigeria's upstream sector could attract approximately $100 billion in investments, stressing that these funds must generate broad economic value locally through Nigerian contractors, service providers, and employment.
What comes next
Regulators and operators emphasised the necessity of improved project execution, digital processes, and robust data availability through partnerships with multi-client firms. Eni's Maurizzio Pinna highlighted the commitment to faster project execution, while NUPRC Executive Commissioner Enorense Amadasu noted that the commission is dedicated to fostering a competitive, predictable, and business-friendly upstream ecosystem.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
9.5% of world merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
