By Obas Esiedesa, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged newly awarded holders of Petroleum Prospecting Licences (PPLs) to fast-track the development of their assets to support the Federal Government’s target of increasing crude oil production to two million barrels per day by 2027.
The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, gave the charge on Friday in Abuja during the signing ceremony for the second batch of winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round.
Eyesan said the licences are expected to stimulate exploration, attract fresh investments, accelerate the development of Nigeria’s hydrocarbon resources and contribute to the country’s energy security and economic growth.
She noted that the initiative aligns with the Federal Government’s strategic objective of raising crude oil production to two million barrels per day by 2027 and achieving a long-term production target of three million barrels per day by 2030.
The NUPRC boss urged the new licensees to execute their approved work programmes diligently, fulfil their financial obligations and comply fully with the Petroleum Industry Act (PIA), applicable regulations and contractual commitments.
“As licensees, you are expected to execute your approved work programmes diligently, honour your financial commitments, comply fully with the provisions of the PIA, the applicable regulations and these contractual documents.
“The Commission equally expects the highest standards of health, safety, environmental protection and responsible engagement with host communities,” she said.
Eyesan also underscored the importance of host community relations, stressing that responsible engagement with host communities is essential for sustainable operations and the successful development of oil assets.
The Executive Commissioner for Development and Production, Engr. Enorense Amadasu, also urged the awardees to adhere strictly to their approved work programmes and other commitments.
He disclosed that the Commission has begun measures to accelerate the approval of permits as part of efforts to improve the ease of doing business in Nigeria’s upstream petroleum sector.
Amadasu assured the new licence holders of the Commission’s support, saying NUPRC remains committed to providing the necessary assistance to facilitate the successful development of their assets.
Also speaking, the Commission Secretary and Legal Adviser, Barr. Olayemi Adeboyejo, warned the companies that failure to develop their assets could lead to the revocation of their licences under the “drill or drop” provisions of the Petroleum Industry Act.
She also advised the new licensees to establish their Host Community Development Trusts (HCDTs) promptly in compliance with the provisions of the law.
Adeboyejo further encouraged the companies to embrace alternative dispute resolution mechanisms and minimise litigation in order to foster harmonious relationships with host communities, operators and regulators.
Companies presented with Petroleum Prospecting Licences at the ceremony included Biswal Oil and Gas Ltd, Dewayles International Ltd, First E&P Development Company Ltd, Panout Oil and Gas Ltd, R28 Holdings Ltd and Hakilat Oil and Gas Consortium.
Broron Energy Limited, Petroli Energy Marketing and Supply Limited, Sahara Deepwater Resources Limited and Tulcan Energy E&P had earlier received their licences on July 8, 2026.
