NUPRC tasks fresh licence holders on rapid field development

Nigeria's upstream petroleum regulator is pressing companies that recently acquired oil and gas licenses to move swiftly toward development, warning that inaction could jeopardize the nation's crude oil production goals.

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It is my pleasure to welcome you all to today’s signing ceremony for the Petroleum Prospecting Licences, concessional contracts and the General Licence Conditions. Today’s event marks another very important milestone in the implementation of the Petroleum Industry Act.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) presented Petroleum Prospecting Licences to recipients of the 2022/2023 Mini Bid Round and the 2024 Licensing Round at a ceremony in Abuja. Commission Chief Executive Oritsemeyiwa Eyesan stressed that securing a license is merely the first step in a long process requiring significant investment, adherence to the Petroleum Industry Act, environmental stewardship, and positive engagement with local communities.

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The execution of these contractual instruments represents the successful completion of the rigorous post-award process following the 2022/2023 Mini Bid Round and the Nigeria 2024 Licensing Round.

Eyesan highlighted that the successful completion of the post-award process signifies progress in implementing the Petroleum Industry Act and enhancing Nigeria's upstream regulatory framework. She stated that the contractual instruments signed provide a stable legal and commercial foundation for exploration, incorporating stakeholder feedback to ensure a balanced approach that protects Nigeria's interests while promoting regulatory certainty. The NUPRC chief urged the new license holders to diligently execute their approved work programs and uphold high operational standards, including honoring financial commitments and ensuring full compliance.

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Throughout this process, the Commission remained committed to ensuring that the contractual arrangements reflect international best practices while protecting Nigeria’s strategic interests and promoting regulatory certainty.