NUPRC Urges Rapid Development from New License Holders

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has tasked new license holders from the 2022/2023 mini bid round to swiftly develop their awarded petroleum assets. This directive was issued during a signing ceremony held in Abuja, where Oritsemeyiwa Eyesan, the Chief Executive of NUPRC, underscored the necessity for substantial investment and strict compliance with the Petroleum Industry Act.

She warned that licenses should not become dormant, as Nigeria aims to achieve its crude oil production targets. The companies that received licenses include Biswal Oil & Gas Limited, Dewayl International Limited, Panout Oil & Gas Limited, Hakilat Oil & Gas Consortium, Broron Energy Limited, Petroli Energy Market Supply Limited, Sahara Deepwater Resources Limited, and Tulcan Energy & Power.

Eyesan highlighted the importance of developing an approved work program while maintaining the highest operational standards and engaging host communities. The event marks a significant milestone in implementing the Petroleum Industry Act and aims to attract additional investment to accelerate the development of Nigeria's hydrocarbon resources.