ABUJA — The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned newly licensed Petroleum Prospecting Licence (PPL) holders to swiftly develop their assets or risk losing them under existing regulations.
The directive was issued during the signing ceremony for the second batch of winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round held in Abuja.
Details were contained in a statement by NUPRC’s Head of Media and Corporate Communications, Eniola Akinkuotu.
Speaking at the event, the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, urged operators to act quickly and comply fully with the Petroleum Industry Act (PIA).
“As licencees, you are expected to execute your approved work programmes diligently, honour your financial commitments and comply fully with the provisions of the PIA,” she said.
Eyesan also stressed the importance of maintaining strong relationships with host communities, noting that responsible engagement is critical to operational success.
“The Commission equally expects the highest standards of health, safety, environmental protection and responsible engagement with host communities,” she added.
She explained that the new licences are expected to boost exploration activities, attract investment and accelerate the development of Nigeria’s hydrocarbon resources.
According to her, the initiative aligns with the Federal Government’s target to raise crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
In his remarks, Executive Commissioner for Development and Production, Engr. Enorense Amadasu, assured licensees of regulatory support, noting that approval processes have been streamlined to improve ease of doing business.
Commission Secretary and Legal Adviser, Barrister Olayemi Adeboyejo, warned operators to comply with the “drill or drop” policy, which mandates development or forfeiture of assets.
She also advised companies to establish Host Community Development Trusts (HCDTs) promptly and adopt alternative dispute resolution mechanisms to maintain stable relationships with stakeholders.
Companies presented with licences include 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.
Other firms—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.
The move underscores renewed efforts by regulators to drive investment, boost oil production and strengthen compliance within Nigeria’s upstream petroleum sector.
