NUPRC threatens to revoke undeveloped oil licences
The NUPRC has threatened to revoke undeveloped oil and gas licences, giving non-compliant operators until October 31 to meet their obligations. Read More: https://punchng.com/nuprc-threatens-to-revoke-undeveloped-oil-licences/
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has threatened to revoke undeveloped oil licences. Chief Executive Oritsemeyiwa Eyesan warned operators holding undeveloped assets to demonstrate compliance with their licence obligations by October 31 or risk losing their acreages. The regulator will enforce the drill-or-drop provisions of the Petroleum Industry Act against operators that fail to develop their assets.
Operators holding onshore assets are expected to complete the required work within three years, with the commission calling up assets if companies fail to develop their acreages. Affected operators must disclose their compliance status by the deadline, addressing delays in executing approved work programmes and proposing measures to resolve issues.
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