he Department of Development and Production of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has convened a strategic engagement with key industry stakeholders in its quest to tackle financial and rig supply challenges facing Nigeria’s Upstream Oil and Gas sector.

The engagement brought together operators, rig owners, service providers, financiers, and regulatory experts to explore practical and innovative financing solutions to support the sector’s growth and sustainability.

The Executive Commissioner, Development and Production of the NUPRC, Mr Enorense Amadasu, emphasized the Commission’s commitment to fostering a sustainable, efficient, and resilient oil and gas industry in Nigeria. He highlighted that boosting Nigeria’s crude oil production remains a top priority in line with the Federal Government’s strategic goal of maximizing hydrocarbon resources for national economic development.

According to him achieving this target is dependent on the availability of financial resources to support drilling operations, well completions, facility upgrades, and the deployment of rigs.

Mr Amadasu further reaffirmed NUPRC’s dedication to creating an enabling environment for investment, operational efficiency, and regulatory compliance and encouraged participants to engage actively in discussions and share solutions that would eliminate financial and structural barriers in the upstream sector.