NUPRC Dey yan say Dey go Comot di idle Nigerian oil block licences Dem back.

NUPRC Dey yan say Dey go Comot di idle Nigerian oil block licences Dem back.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) don warn owners of oil licences wey no dey work say government fit take back dem licences if dem no do the work wey dem promise under their agreements.

Di commission don give di people wey get licence wey dem affect deadline reach October 31, 2026 make dem talk why dia oil block no dey active, show di wahala wey dey delay dia work, plus drop new plan how dem wan finish dia work dem. Di warning na for di licences wey come from di 2020 marginal field bid round, 2022-2023 mini bid round plus di 2024 licensing round.

NUPRC Chief Executive, Oritsemeyiwa Eyesan, sign the circular wey carry the directive on September 14. The commission say the action na to make sure say oil and gas areas wey government don give out no remain empty, and say companies must follow the work plans wey dem agree to carry out.

Under Nigeria Petroleum Industry Act 2021 and the “Drill or Drop” principle, companies wey receive oil acreage suppose begin exploration and development work according to their approved programmes. Companies wey fail to meet their obligations fit face regulatory action, including losing their licences.

The warning come as Nigeria dey try to increase oil production and attract more investment for the upstream petroleum sector. NUPRC don also point to new investment for some oil fields wey no dey fully developed, including ExxonMobil’s reported $1 billion commitment to the Usan Infill Project, wey the commission say fit add about 40,000 barrels of crude oil per day to production.

The October deadline go therefore put more pressure on licence holders to show clear progress on their oil blocks. NUPRC say companies must explain their situation and show how dem plan to meet their obligations before the regulator decide the next steps.

The development also show government’s effort to make sure say petroleum areas no remain idle while Nigeria dey look for more oil production, investment and economic benefit from the country’s natural resources.