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 issued a warning to operators holding non-performing oil licences, giving them until October 31, 2026, to disclose their compliance status and submit revised plans for meeting their obligations. The deadline applies specifically to those whose acreages are not meeting their approved work commitments.
The warning is part of the NUPRC's efforts to increase Nigeria's oil and gas production by ensuring licensed acreages are actively explored and developed. The circular highlights that the Petroleum Industry Act 2021's "Drill-or-Drop" provisions, backed by Sections 77, 78, and 88, require licensed acreages to be worked within their term or they return to the Federal Government.
Enforcement measures could include refusing licence extensions, requiring operators to relinquish acreages, calling in work performance securities, and commencing revocation proceedings.
Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
