Fri, Aug

NUPRC Set To Issue 57 Marginal Oil Field Licenses

Top Stories

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it will issue Petroleum Prospecting Licenses (PPL) to successful investors of marginal oil fields in the 2020 bid round. Marginal oil fields are smaller oil blocks located onshore and in shallow waters which have not been exploited in the last ten years. They are usually developed by indigenous companies.

This was disclosed by the Chief Executive of NUPRC, Gbenga Komolafe.

He said, “In fulfillment of the promise made early this year, the NUPRC will on Tuesday in Abuja, issue PPL to successful awardees of marginal fields in the 2020 bid round, pursuant to the provisions of the Petroleum Industry Act (PIA) 2021.

“It will also unveil the implementation template for the host communities’ development trust for commencement of the provisions under Section 235 of the PIA, 2021, to positively impact against restiveness in the host communities.

“These will mark the conclusion of some of the most urgent and critical tasks inherited by the commission when it was inaugurated in October 2021, after signing into law of the PIA 2021”.

According to him, NUPRC also constituted an in-house team to address enquires by awardees, in order to “close-out issues affecting multiple awardees per asset and formation of Special Purpose Vehicles (SPV) by awardees in line with the respective letters of the award”.

In June 2020, over 600 companies had initially applied for the bid rounds of 57 marginal fields.