The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned companies holding on to prospecting licences without developing their assets that the era is now officially over.
The Commission’s Chief Executive, Oritsemeyiwa Eyesan, stated this when she received the management of the Petroleum Directorate of Sierra Leone at the Commission’s headquarters in Abuja recently.
Eyesan said one of the key provisions of the Petroleum Industry Act is Section 94, which compels operators to either commence work or relinquish their licences — a provision commonly referred to as “drill or drop.”
She revealed that the enforcement of this provision has attracted serious investors in the ongoing 2025 licensing rounds, expected to boost Nigeria’s petroleum reserves.
In his remarks, the Director-General of the Petroleum Directorate of Sierra Leone, Foday Mansaray, said the aim of the meeting was to understand Nigeria’s petroleum sector and apply the lessons learned to improve his country’s hydrocarbon sector.
Mansaray also called for stronger and more sustainable energy collaboration between Sierra Leone and Nigeria.
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