NUPRC threatens revocation of non-performing oil licences, sets October 31 deadline
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned holders of non-performing oil licences that they risk losing their acreages if they fail to meet approved work commitments, as it moves to enforce the “Drill-or-Drop” provisions of the Petroleum Industry Act (PIA) 2021. The post NUPRC threatens revocation of non-performing oil licences, sets October 31 deadline appeared…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued a warning to license holders of non-performing oil licences, threatening revocation if they fail to meet approved work commitments by October 31, 2026. The regulator is enforcing the "Drill-or-Drop" provisions of the Petroleum Industry Act 2021, targeting licensees from the 2020 Marginal Field Bid Round, 2022/2023 Mini Bid Round, and 2024 Licensing Round.
At least 62 successful awardees have been identified, but only those whose acreages are not meeting work commitments face the deadline. The NUPRC aims to increase oil and gas production by ensuring licensed acreages are actively explored and developed, citing relevant sections of the Act and default and revocation provisions. Operators have been directed to submit compliance status, obstacles, and revised plans by the deadline.
The regulator acknowledges potential challenges and offers solutions where possible but warns that this will not exempt operators from contractual obligations.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
