Non-performing oil blocks awarded through Nigeria’s marginal field and licensing rounds could lose their licences from October 31 as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) moves to enforce the “Drill-or-Drop” requirement under the 2021 Petroleum Industry Act.
In a circular issued on Friday and signed by its Chief Executive Officer, Mrs Oritsemeyiwa Eyesan, the commission said it would withdraw licences whose holders had failed to meet their obligations under the 2020 Marginal Field Bid Round, the 2022/2023 Mini Bid Round and the 2024 Licensing Round. NUPRC called on affected licensees to complete their legally required work commitments, warning that failure to do so could result in the loss of their acreage. It said the policy was intended to ensure that licensed oil blocks are actively developed and that petroleum operations are carried out diligently and on a commercially responsible basis, including the timely implementation of approved work programmes.
