The Nigerian Upstream Petroleum Regulatory Commission has urged newly licensed oil companies to move quickly to develop their assets and meet their obligations to host communities or risk losing their licences.
The Commission Chief Executive, Oritsemeyiwa Eyesan,
gave the charge in Abuja during the presentation of Petroleum Prospecting Licences to winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round.
She said operators must comply with the Petroleum Industry Act by engaging host communities responsibly while fast-tracking investment and exploration activities.
According to the NUPRC, the new licence holders are expected to attract fresh investment, boost exploration and support Nigeria’s energy security and economic growth.
Eyesan said the initiative aligns with the Federal Government’s target of increasing crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
She also reminded the companies that the Petroleum Industry Act’s “drill or drop” provision requires licence holders to develop their assets within the stipulated timeframe or forfeit them.
Among the companies presented with licences were Biswal Oil and Gas Limited, First E&P Development Company, Panout Oil and Gas Limited, R28 Holdings Limited and Hakilat Oil and Gas Consortium.
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Editor: Nkoli Omhoudu
