By| Goodluck E.Adubazi, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has charged newly awarded Petroleum Prospecting Licence (PPL) holders to fast-track investment in their oil assets, comply with the Petroleum Industry Act (PIA), and fulfil their obligations to host communities as a condition for sustainable operations.
Speaking on Friday in Abuja during the licence signing ceremony for the second batch of successful bidders in the 2022/2023 Mini Bid Round and the 2024 Licensing Round, the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, said operators must move swiftly from licence acquisition to field development while maintaining the highest standards of environmental stewardship and community engagement.
She stressed that licence holders are expected to execute approved work programmes diligently, meet all financial obligations, comply fully with the provisions of the PIA and relevant regulations, and uphold best practices in health, safety and environmental protection.
Eyesan said the newly awarded licences are expected to stimulate exploration activities, attract fresh investment, accelerate the development of Nigeria’s hydrocarbon resources, and strengthen the country’s energy security and economic growth.
According to her, the initiative aligns with the Federal Government’s target of increasing crude oil production to 2 million barrels per day by 2027, while positioning Nigeria to achieve a long-term production goal of 3 million barrels per day by 2030.
Also addressing the new licence holders, the Executive Commissioner for Development and Production, Engr. Enorense Amadasu, urged them to adhere strictly to their approved work programmes and contractual commitments.
He disclosed that the Commission has streamlined its approval processes to improve the ease of doing business and assured investors of NUPRC’s continued support to ensure the successful development of their assets.
In a separate presentation, the Commission Secretary and Legal Adviser, Barrister Olayemi Adeboyejo, warned operators against delaying project execution, reminding them that the Petroleum Industry Act’s “drill or drop” provision empowers the Commission to revoke undeveloped licences.
She also directed the new awardees to establish their respective Host Community Development Trusts (HCDTs) without delay and encouraged them to adopt alternative dispute resolution mechanisms rather than litigation in resolving disputes with regulators and host communities.
Companies presented with Petroleum Prospecting Licences at Friday’s ceremony included Biswal Oil and Gas Ltd, Dewayles International Ltd, First E&P Development Co. Ltd, Panout Oil and Gas Ltd, R28 Holdings Ltd, and Hakilat Oil and Gas Consortium.
Earlier, on July 8, 2026, Broron Energy Limited, Petroli Energy Marketing and Supply Limited, Sahara Deepwater Resources Limited, and Tulcan Energy E&P had received their licences under the same exercise.
