NUPRC Tasks Fresh Licence Holders On Rapid Field Development
The Nigerian Upstream Petroleum Regulatory Commission has charged winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round swiftly develop their newly awarded petroleum assets, warning that licences must not become dormant if Nigeria is to achieve its crude oil production targets.
Companies presented with their licences at Friday’s ceremony included Biswal Oil and Gas Limited, Dewayles International Limited, First E&P Development Company Limited, Panout Oil and Gas Limited, R28 Holdings Limited 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 received their licences earlier on July 8, 2026.
Speaking on Friday during the Petroleum Prospecting Licence signing ceremony in Abuja, the Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, said the award of licences marked only the beginning of a long-term commitment that requires substantial investments, strict compliance with the Petroleum Industry Act, environmental responsibility and meaningful engagement with host communities.
She said the successful completion of the post-award process represented another milestone in implementing the Petroleum Industry Act and strengthening Nigeria’s upstream regulatory framework.
Eyesan said, “It is my pleasure to welcome you all to today’s signing ceremony for the Petroleum Prospecting Licences, concessional contracts and the General Licence Conditions. Today’s event marks another very important milestone in the implementation of the Petroleum Industry Act.
“The execution of these contractual instruments represents the successful completion of the rigorous post-award process following the 2022/2023 Mini Bid Round and the Nigeria 2024 Licensing Round.
“Throughout this process, the Commission remained committed to ensuring that the contractual arrangements reflect international best practices while protecting Nigeria’s strategic interests and promoting regulatory certainty.”
She explained that the agreements signed by the successful bidders were carefully developed after extensive engagements with stakeholders and would provide a stable legal and commercial framework for petroleum exploration.
According to her, “The concerns raised by stakeholders during the review of the draft contracts and the General Licence Conditions were carefully considered by the Commission and appropriately incorporated into the final documents.
“The instruments being executed today therefore represent a balanced contractual framework that provides clarity, consistency of obligations and a sound basis for collaboration between the Commission and the companies.”
The NUPRC boss stressed that the new licence holders must focus on delivering approved work programmes while maintaining the highest operational standards.
She said, “As licensees, you are expected to execute your approved work programmes diligently, honour your financial commitments, comply fully with the provisions of the Petroleum Industry Act, the applicable regulations and the contractual documents you are signing today.
“The Commission equally expects the highest standards of health, safety, environmental protection and responsible engagement with host communities.
“I must re-emphasise the need for the highest standards. One of the things we benefited from the international oil companies was the institution of standards. I believe indigenous companies have embraced those standards and some are even taking them to another level.
“As you come into the industry, especially those who are new entrants, we expect you to institutionalise those standards and build upon what has already been established.”
Eyesan assured investors that the Commission would continue to provide transparent regulation and timely approvals to support the development of upstream projects.
She said, “For its part, the Commission remains committed to providing effective and transparent regulatory oversight, facilitating responsible investment, ensuring timely regulatory decisions and fostering an enabling business environment that supports sustainable growth within the Nigerian upstream sector.”
She stated, “The significance of today’s event extends beyond the execution of contractual documents.
“The licences awarded under the 2022/2023 Mini Bid Round and the Nigeria 2024 Licensing Round are expected to facilitate exploration activities, attract additional investments, accelerate the development of Nigeria’s hydrocarbon resources and contribute meaningfully to the nation’s energy security and economic development.
“These objectives are closely aligned with the Federal Government’s strategic aspiration to increase Nigeria’s crude oil production to two million barrels per day by 2027 while positioning the country to achieve a long-term production target of three million barrels per day by 2030.
“Achieving these ambitious targets will require sustained investment, operational excellence, regulatory certainty and strong collaboration between government and industry, as well as collaboration among industry players themselves.”
She urged the successful companies to learn from more experienced operators and work together to unlock the value of their assets.
She also congratulated the successful awardees while thanking President Bola Tinubu, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and industry stakeholders for supporting the implementation of the Petroleum Industry Act.
Also speaking during a presentation at the event, the Commission Secretary and Legal Adviser, Barrister Olayemi Adeboyejo, reminded the new licence holders that the Petroleum Industry Act contains a strict “drill or drop” provision designed to discourage asset speculation.
She urged operators to commence work promptly or risk forfeiting their licences.
Adeboyejo said companies must establish their Host Community Development Trusts without delay and embrace alternative dispute resolution mechanisms rather than prolonged litigation.
The Executive Commissioner for Development and Production, Enorense Amadasu, assured the awardees that the Commission had introduced measures to improve the ease of doing business and would continue to accelerate approvals required for field development.
He urged the companies to strictly implement their approved work programmes while collaborating closely with the regulator.
The Petroleum Prospecting Licence signing ceremony marked the formal execution of licence agreements for the second batch of successful bidders under the 2022/2023 Mini Bid Round and the 2024 Licensing Round.
The licensing rounds form part of the Federal Government’s strategy under the Petroleum Industry Act to attract fresh upstream investments, expand exploration activities and increase Nigeria’s crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
