By Abiodun Folarin
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged newly awarded holders of Petroleum Prospecting Licences (PPLs) to accelerate investment in their oil and gas assets while fulfilling their obligations to host communities in line with the Petroleum Industry Act (PIA).
Speaking at the signing ceremony for the second batch of winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round in Abuja on Friday, the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, said timely asset development and responsible community engagement were critical to the success of the licence holders.
She charged the awardees to execute their approved work programmes diligently, honour all financial commitments and fully comply with the provisions of the PIA, applicable regulations and the contractual agreements governing the licences.
“The Commission equally expects the highest standards of health, safety, environmental protection and responsible engagement with host communities,” Eyesan said.
She noted that the licences awarded under the 2022/2023 Mini Bid Round and the 2024 Licensing Round are expected to stimulate exploration activities, attract fresh investment, accelerate the development of Nigeria’s hydrocarbon resources and contribute to the country’s energy security and economic growth.
According to her, the awards align with the Federal Government’s target of increasing crude oil production to 2 million barrels per day by 2027, with a long-term goal of 3 million barrels per day by 2030.
Also speaking, the Executive Commissioner for Development and Production, Engr. Enorense Amadasu, urged the new licence holders to adhere strictly to their approved work programmes and fulfil their commitments.
Amadasu disclosed that the Commission had streamlined and accelerated approval processes for permits to improve the ease of doing business in the upstream sector, assuring investors of NUPRC’s support to ensure the success of their projects.
The Commission Secretary and Legal Adviser, Barrister Olayemi Adeboyejo, advised the awardees to promptly develop their assets or risk losing the licences under the Petroleum Industry Act’s “drill or drop” provisions.
She also urged the companies to establish their Host Community Development Trusts (HCDTs) without delay and encouraged them to adopt alternative dispute resolution mechanisms rather than litigation in resolving issues with regulators and other stakeholders.
Companies presented with Petroleum Prospecting Licences during the ceremony include Biswal Oil and Gas Ltd, Dewayles International Ltd, First E&P Development Co. Ltd, Panout Oil and Gas Ltd, R28 Holdings Ltd and Hakilat Oil and Gas Consortium.
Other successful companies, including Broron Energy Limited, Petroli Energy Marketing and Supply Limited, Sahara Deepwater Resources Limited and Tulcan Energy E&P, had received their licences on July 8, 2026.
