The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has convened a stakeholder engagement that focused on the application and implications of Section 94 of the Petroleum Industry Act (PIA) 2021.

The session, chaired by the Executive Commissioner for Exploration and Acreage Management, Bashari Indabawa, on behalf of the Commission Chief Executive, Engr. Gbenga Komolafe, addressed key provisions of the PIA and their impact on the Upstream Petroleum sector.

In his remarks, the CCE emphasized the importance of effective management and administration of concessions to boost production and enhance the development of Nigeria’s hydrocarbon reserves. He also highlighted the Commission’s strategies for implementing bid rounds to attract investments and optimize resource utilization.

The session included a presentation on the NUPRC’s mandates as outlined in Sections 6, 7, and 8 of the PIA, focusing on the technical, commercial, and operational roles of the Commission. Stakeholders were also briefed on Section 94(4) of the PIA, which mandates the relinquishment of marginal fields or discoveries left fallow for over seven years, as well as related provisions under Sections 94(6), 94(7), and 94(8)(a)(b).

The engagement provided an opportunity for stakeholders to discuss the practical implications of these provisions for fostering growth, transparenc