Licensed Oil and gas operators now have until October 31 to demonstrate compliance with their licence obligations or risk losing their acreages.

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, made the disclosure at an energy conference organised by the Harvard Business School Association of Nigeria in Lagos on Friday.

She cautioned that the regulator would enforce the drill-or-drop provisions of the Petroleum Industry Act (PIA) against operators that failed to develop their assets.

“Now the PIA has instituted the drill-or-drop mechanism. So, before you take the block, you know whether it’s a gas asset, you know whether it’s an oil and gas asset, and you must come up with concrete plans to unlock your resources,” Eyesan said.

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She said the commission had issued a circular directing affected operators to respond before the deadline, warning that those who failed to do so would face regulatory action.

“And as a matter of fact, we’ve issued a circular, and we say by 31st of this month, for those who are not responsive, you can be rest assured that I am coming after you,” she threatened.

Eyesan also explained that operators holding onshore assets were expected to undertake the required work within the stipulated three-year period, warning that the commission would call up assets where companies failed to develop their acreages.

“For those onshore, you have three years. Within three years in the first instance, if you do nothing about those assets, we will call it up,” she said.

The commission’s warning comes as it moves to enforce work commitments attached to licences awarded through recent licensing exercises, with affected operators required to explain delays in executing their approved work programmes and show how they intend to address the challenges.

Strategy for unlocking Nigeria’s oil industry investment must focus on access to capital, technology, markets and regulatory certainty, in addition to physical assets.

These views were shared by the Heritage Energy Operational Services Limited (HEOSL) in a goodwill message at the Association of Energy Correspondents (NAEC) Energy Energy Conference 2026, in Lagos, themed: “Access to Assets: Empowering Players and Driving Growth.”

Delivering the message on behalf of the CEO, Ado Oseragbaje, General Manager, Government, Joint Venture & External Relations, Heritage Energy, Ohioze Unuigbe, commended the NAEC for convening what he described as a strategic platform for dialogue on issues shaping Nigeria’s energy sector.

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According to him, the conference theme is both timely and strategic at a period when the industry is seeking to increase production and attract investment.

“Access to assets must go beyond physical access to oil and gas resources. It must also include access to capital, infrastructure, technology, markets, skilled talent, regulatory certainty and strong partnerships. These are essential to unlocking investment, increasing production and strengthening Nigeria’s energy security,” he said.

Unuigbe noted that while access to an asset is critical, real value is created by how effectively, safely and responsibly the asset is operated.

He disclosed that Heritage Energy’s Operational Management System (OMS) provides the discipline for responsible operations, by bringing together People, Plans, Processes and Performance to embed operational excellence, strengthen accountability and manage risk.

This, he said, is particularly important in a complex environment such as OML 30, where sustainable performance depends on effective collaboration among staff, partners, regulators, host communities and other stakeholders.

He stressed that sustainable value creation goes beyond production to include safety, environmental stewardship, responsible asset management, local capacity development and meaningful host community engagement, alongside investment in infrastructure, technology and Nigeria’s gas resources.

“No operator can achieve this alone. Government, regulators, investors, operators, partners, host communities and the media all have important roles to play. Trust, transparency and constructive engagement must remain at the heart of these relationships,” he added.

The Heritage Energy GM also lauded the role of the energy media in promoting informed discourse, transparency and accountability, calling for continued collaboration to support accurate and balanced reporting.

“Nigeria’s energy opportunity is significant. Our collective task is to ensure that access to assets translates into access to opportunity, value creation and sustainable growth,” Unuigbe stated.

He reaffirmed Heritage Energy’s commitment to responsible operations, operational excellence and stakeholder collaboration in building a stronger and more sustainable Nigerian energy industry.

The Presidency has explained why former Vice President Atiku Abubakar’s proposed production subsidy for locally refined petrol could be difficult to implement, arguing that Nigeria lacks sufficient freely available crude oil to sustain the policy.

President Bola Tinubu’s Special Adviser on Media and Public Communications, Sunday Dare, made the position known in a statement issued on Sunday, October 11, 2026, titled “Atiku’s Demagoguery in the Face of Tinubu’s Logical Policies.”

Dare was responding to Atiku’s criticism of the Federal Government’s 30-day petrol discount offered through the Nigerian National Petroleum Company Limited (NNPC) Retail and its proposed fuel price modulation framework.

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Atiku had described the temporary discount as a publicity stunt, questioning its sustainability and accusing Tinubu of adopting his economic proposal without incorporating the production subsidy he advocated.

However, the presidential aide argued that Atiku’s proposal failed to adequately account for Nigeria’s crude oil production arrangements, existing contractual obligations and the financial implications of subsidising petroleum products.

According to Dare, Nigeria produces approximately 1.8 million barrels of crude oil daily, but the Federal Government does not have unrestricted access to the entire volume.

He said joint ventures and production-sharing contracts, alongside production costs, royalties and profit-sharing arrangements, significantly reduce the quantity of crude available to the state.

“After accounting for these statutory and contractual obligations, Nigeria has fewer than 700,000 barrels per day of unencumbered ‘free crude’ to give away,” Dare stated.

He argued that using crude oil to fund a broad production subsidy without sufficient freely available supplies could undermine government revenues and expose the country to financial risks.

Dare maintained that domestic refineries, including the Dangote Petroleum Refinery, require substantial volumes of crude oil, making it difficult for the government to meet their needs solely from crude available for unrestricted allocation.

He argued that domestic refiners would still need to obtain additional crude through other arrangements, including purchases from international markets.

The presidential aide warned that a production subsidy without adequate crude supplies and clearly defined financial safeguards could recreate some of the problems associated with Nigeria’s former petrol subsidy regime.

He said such a policy could encourage opaque transactions, fraudulent claims and financial losses if its implementation was not properly structured.

Atiku has advocated shifting government support away from subsidising imported petrol towards supporting qualifying domestic refiners through preferential crude oil pricing, with the aim of reducing costs for consumers.

The proposal has become a subject of political and economic debate as Nigerians continue to grapple with high petrol prices and the wider cost-of-living crisis.

Presidency Defends 30-Day Petrol Discount

Dare also rejected the suggestion that NNPC Retail’s decision to forgo its profit margin temporarily amounted to a restoration of the former petrol subsidy.

He said the discount was initially introduced as part of activities marking Nigeria’s 66th Independence anniversary before being extended for another 30 days.

According to him, the arrangement allows NNPC Retail to absorb short-term market pressures without reinstating the previous system of government-funded fuel subsidies.

The presidential aide also defended the proposed N1,350-per-litre ceiling on ex-gantry costs, describing it as a mechanism to moderate sudden increases in fuel prices.

Under the framework outlined in the statement, refiners and importers would absorb temporary cost increases above the ceiling and recover those costs when market conditions improve.

Dare argued that the measure could help reduce the impact of abrupt fuel price changes on transport fares and household expenses.

The presidential aide further defended the administration’s broader economic reforms, including petrol subsidy removal and foreign exchange market reforms introduced in 2023.

He cited the expansion of compressed natural gas infrastructure, direct cash transfers to vulnerable households, support for small businesses and increased federal allocations to states and local governments as part of the government’s response to economic pressures.

Dare maintained that the administration was pursuing a combination of market-based pricing and targeted interventions to manage the effects of international oil market volatility.

He argued that the country needed structural economic measures rather than temporary interventions that could place additional pressure on public finances.