NUPRC sets deadline, threatens to revoke idle Nigerian oil block Licences

Idle marginal tract lipid blocks look an imminent cut-off from October 31 under a caller regularisation by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.

In a connection on Friday, the NUPRC highlighted the “Drill-or-Drop” proviso of the Petroleum Industry Act, PIA, 2021 successful a circular signed by its Chief Executive Officer, Mrs Oritsemeyiwa Eyesan.

The NUPRC said it would revoke non-performing licences from the 2020 Marginal Field Bid Round, 2022/2023 Mini Bid Round and 2024 Licensing Round.

The committee urged holders of non-performing licences from the 2020 Marginal Field Bid Round, 2022/2023 Mini Bid Round and 2024 Licensing Round to conscionable their statutory enactment commitments oregon hazard losing their licences.

“In furtherance of the Commission’s mandate to guarantee that licensed acreages are actively worked and petroleum operations are conducted successful a diligent and businesslike manner, the Commission wishes to reiterate its Drill-or-Drop Policy and punctual licensees of their statutory enactment commitments nether the licence terms, including the timely execution of their approved enactment programme,” it said.

NUPRC set...