NUPRC Cracks Whip On Dormant Oil Blocks, Threatens Licence Revocation

The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has threatened to revoke idle marginal field licences from October 31 under its Drill-or-Drop policy.

In a circular signed by CEO Mrs Oritsemeyiwa Eyesan, the commission said non-performing holders from the 2020, 2022/23 and 2024 bid rounds must meet work commitments or lose their blocks.

The NUPRC said it would revoke non-performing licences from the 2020 Marginal Field Bid Round, 2022/2023 Mini Bid Round and 2024 Licensing Round.

The commission urged holders of non-performing licences from the 2020 Marginal Field Bid Round, 2022/2023 Mini Bid Round and 2024 Licensing Round to meet their statutory work commitments or risk losing their licences.

“In furtherance of the Commission’s mandate to ensure that licensed acreages are actively worked and petroleum operations are conducted in a diligent and businesslike manner, the Commission wishes to reiterate its Drill-or-Drop Policy and remind licensees of their statutory work commitments under the licence terms, including the timely execution of their approved work programme,” it said.