.Warns beneficiaries to develop assets or risk losing them
Emmanuel Addeh in Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday advised the newly awarded holders of Petroleum Prospecting Licences (PPLs) to focus on developing their assets as quickly as possible.
The Commission Chief Executive of the NUPRC, Mrs. Oritsemeyiwa Eyesan, said this in Abuja at the signing ceremony of the second batch of winners of the 2022/2023 Mini Bid Round and the 2024 Licencing Round.
According to Eyesan, licence holders must prioritise host community obligations in order to succeed, in line with the Petroleum Industry Act (PIA) a statement by the commission’s spokesman, Eniola Akinkuotu, said.
“As licensees, you are expected to execute your approved work programmes diligently, honour your financial commitments, comply fully with the provisions of the PIA, the applicable regulations and these contractual documents.
“The commission equally expects the highest standards of health, safety, environmental protection and responsible engagement with host communities,” the NUPRC boss said.
The NUPRC chief executive said the licensees awarded under the 2022/23 mini bid round and the Nigeria 2024 licensing round are expected to stimulate exploration activities, attract additional investment, accelerate the development of Nigeria’s hydrocarbon resources and contribute meaningfully to the nation’s energy security and economic development.
These objectives, she said, are closely aligned with the federal government’s strategic aspiration to increase Nigeria’s crude oil production to 2 million barrels per day by 2027, while positioning the country to achieve a long-term production target of 3 million barrels per day by 2030.
In his presentation, the Executive Commissioner, Development and Production, Enorense Amadasu, urged the awardees to adhere to their work programmes and commitments.
He said the commission had begun to speed up approvals for permits in order to improve the ease of doing business. Amadasu added that the commission was ready to give them full support and enable them to succeed.
Also speaking, the Commission Secretary and Legal Adviser, Olayemi Adeboyejo, advised the new awardees to develop their assets or risk losing them in line with the “drill or drop” provision backed by the PIA.
Adeboyejo also advised the awardees to set up their respective Host Community Development Trust (HCDT) as quickly as possible.
She advised them to embrace alternative dispute resolution and less litigation in order to ensure a harmonious relationship with both operators and regulators.
Companies that were presented with their licences at the venue include: Biswal Oil and Gas Ltd, Dewayles International Ltd, First E&P development Co.Ltd, Panout Oil and Gas Ltd, R28 Holdings Ltd and Hakilat Oil and Gas Consortium.
Broron Energy Limited, Petroli Energy Marketing and Supply Limited Sahara Deepwater Resources Limited and Tulcan Energy E&P had received their licences earlier on July 8, 2026