NUPRC Announces Completion of Marginal Field Licences Review, Says Qualified Firms to Be Published

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has completed a review of marginal oil field licenses due for renewal, with qualified firms set to be published. NUPRC Chief Executive Gbenga Komolafe made the announcement at the Energy Labour Summit in Abuja.

He emphasized that the final list of firms awaiting Minister of State for Petroleum Resources approval has been scaled down and will be made public. Komolafe clarified that license holders must meet specific milestones to be considered for renewal, ensuring transparency and fairness in the process.

The 2020 marginal field round was conducted with the aim of meeting specific milestones within a five-year period. NUPRC is guided by the Petroleum Industry Act of 2021 and aims to increase hydrocarbon efficiency while investing in cleaner alternatives.

The commission is working towards achieving the Project One Million Barrels Per Day target through strategic initiatives and industry collaboration. Additionally, President of PENGASSAN Festus Osifo called on the federal government to divest oil refin.