NUPRC to revoke idle oil licences, issues October deadline
The NUPRC has warned holders of idle oil licences from recent bid rounds to meet work commitments or risk revocation under the Petroleum Industry Act. Read More: https://punchng.com/nuprc-to-revoke-idle-oil-licences-issues-october-deadline/
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that it will revoke idle oil licences by October 31, 2026, for companies that have failed to meet their approved work commitments. This enforcement comes as part of the commission's efforts to increase Nigeria's oil and gas production by ensuring licensed acreages are actively explored and developed.
Operators from the 2020 Marginal Field Bid Round, 2022/2023 Mini Bid Round, and 2024 Licensing Round are affected by this deadline. At least 62 successful awardees across these three exercises are at risk of losing their acreages if they do not disclose their compliance status, identify obstacles, and submit revised plans by the deadline.
The NUPRC emphasizes that its goal is to increase production, not to forfeit licences. Operators facing challenges are encouraged to notify the commission by October 31, stating their compliance level, specific constraints, and proposed mitigation measures.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
