NUPRC to Revoke Idle Oil Blocks Next Week

The Federal Government will begin a mass revocation of idle oil blocks next week, according to Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This decision was disclosed during a two-day onboarding workshop for holders of Petroleum Prospecting Licences awarded in the 2022/2023 and 2024 licensing rounds in Lagos.

The NUPRC has issued a directive to recover blocks from license holders who have not undertaken necessary activities within the stipulated periods: three years for onshore assets and five years for offshore assets. Eyesan emphasized that operators who have held assets without progress will no longer be allowed to retain them indefinitely.

She warned that the government would reclaim these idle assets by the end of the month and stated that the inability to secure partners or financing would not justify extensions for development. Eyesan urged new license holders to ensure they possess the technical, financial, and managerial capacity to manage their assets effectively.