NUPRC Warns Licensees of License Revocation Risks
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to revoke idle oil licenses under the 'Drill-or-Drop' rule, affecting licensees from the 2020 Marginal Field Bid Round, the 2022/2023 Mini Bid Round, and the 2024 Licensing Round. This warning is outlined in a circular referenced NUPRC/1127/VOL.13/55, signed by Chief Executive Mrs. Oritsemeyiwa Eyesan, and communicated by Eniola Akinkuotu, the Commission’s head of media and corporate communications.
Licensees must fulfill their statutory work commitments by October 31, 2026, or risk losing their acreage. The NUPRC emphasizes that licenses are time-bound and must be actively worked on, as per the Petroleum Industry Act (PIA).
The Commission aims to enhance production rather than strip operators of their licenses, acknowledging potential challenges such as financing and regulatory approvals. Licensees are encouraged to report their compliance status and any constraints affecting their operations.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
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