NUPRC sets deadline, threatens to revoke idle Nigerian oil block Licences
Idle marginal field oil blocks face an imminent cut-off from October 31 under a new rule by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC. In a statement on Friday, the NUPRC highlighted the “Drill-or-Drop” provision of the Petroleum Industry Act, PIA, 2021 in a circular signed by its Chief Executive Officer, Mrs Oritsemeyiwa Eyesan. The NUPRC said it […] NUPRC sets deadline,…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a deadline of October 31 for idle marginal field oil blocks to commence operations or face the revocation of their licences. In a recent statement, the NUPRC emphasized the "Drill-or-Drop" provision of the Petroleum Industry Act (PIA), 2021, as outlined in a circular signed by its Chief Executive Officer, Mrs. Oritsemeyiwa Eyesan.
The commission has identified non-performing licences from the 2020 Marginal Field Bid Round, the 2022/2023 Mini Bid Round, and the 2024 Licensing Round as those at risk of revocation. It has urged the licensees to meet their statutory work commitments to avoid losing their licences. The NUPRC's Drill-or-Drop Policy aims to ensure that licensed acreages are actively worked and that petroleum operations are conducted diligently and in a businesslike manner.
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