Nigeria's Upstream Petroleum Regulator urges new oil licence holders to fast‑track investment

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) held a signing ceremony in Abuja for the second batch of winners of the 2022/23 Mini Bid Round and the 2024 licensing round. Commission Chief Executive Oritsemeyiwa Eyesan urged the newly awarded Petroleum Prospecting Licence (PPL) holders to accelerate asset development, honour financial commitments and fully comply with the Petroleum Industry Act, including the “drill or drop” provision that could see licences withdrawn if work programmes are not executed.

Eyesan also stressed the need for high standards of health, safety and environmental protection and called for prompt establishment of Host Community Development Trusts to meet host‑community obligations. Executive Commissioner for Development and Production Enorense Amadasu highlighted streamlined permit approvals to improve the ease of doing business, while Secretary and Legal Adviser Olayemi Adeboyejo advised awardees to avoid litigation by using alternative dispute resolution. The programme aligns with the federal government's target to raise crude production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.