FG begins mass revocation of idle oil blocks next week
The Federal Government will begin a mass revocation of idle oil blocks next week, the NUPRC has announced, recovering assets from non-developing operators. Read More: https://punchng.com/fg-begins-mass-revocation-of-idle-oil-blocks-next-week/
The Federal Government plans to begin the mass revocation of idle oil blocks next week, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The NUPRC's Chief Executive, Oritsemeyiwa Eyesan, announced this during a workshop for holders of Petroleum Prospecting Licences awarded in the 2022/2023 and 2024 licensing rounds in Lagos.
Eyesan stated that the commission has issued a directive to recover assets from license holders who have not commenced development within the stipulated timelines. Operators who have held assets without making progress will no longer be allowed to retain them indefinitely. The commission's directive targets license holders who have failed to meet the three-year timeline for onshore assets and the five-year timeline for offshore assets.
Eyesan emphasized that this move is aimed at addressing the issue of operators securing licenses but failing to progress to exploration, development, and production. She warned that operators who have not secured technical partners or financing would not be granted extensions for developing their assets.
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