The Nigerian Upstream Petroleum Regulatory Commission,NUPRC, has advised the newly awarded holders of Petroleum Prospecting Licences (PPLs) to focus on developing their assets as quickly as possible and engaging responsibly with host communities in line with the Petroleum Industry Act.
The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, said this in Abuja on Friday, July 17 at the signing ceremony of the second batch of winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round.
According to Eyesan, licence holders must prioritise host community obligations in order to succeed.
The NUPRC boss said the licensees awarded under the 2022/23 Mini Bid Round and the Nigeria 2024 Licensing Round are expected to stimulate exploration activities, attract additional investment, accelerate the development of Nigeria's hydrocarbon resources and contribute meaningfully to the nation's energy security and economic development.
These objectives, she said, are closely aligned with the Federal Government's strategic aspiration to increase Nigeria's crude oil production to 2 million barrels per day by 2027, while positioning the country to achieve a long-term production target of 3 million barrels per day by 2030.
The commission advised the new awardees to develop their assets or risk losing them in line with the “drill or drop” provision backed by the Petroleum Industry Act.
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
Sponsored Ad
Our strategic editorial policy of promoting journalism, anchored on the tripod of originality, speed and efficiency, would be further enhanced with your financial support.
Your kind contribution, to our desire to become a big global brand, should be credited to our account:
Fresh Angle Nig. Ltd
ACCOUNT NUMBER: 0130931842.
BANK GTB.
×
![]()