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From Adanna Nnamani
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the newly awarded Petroleum Prospecting Licences (PPLs) will play a critical role in helping Nigeria achieve its target of increasing crude oil production to two million barrels per day by 2027.
This was contained in a statement issued on Friday by the Commission’s spokesperson, Eniola Akinkuotu, following the licence presentation ceremony for the second batch of winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round in Abuja.
According to the statement, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, said the licences are expected to stimulate exploration activities, attract fresh investments, accelerate the development of Nigeria’s hydrocarbon resources, and strengthen the nation’s energy security while boosting economic growth.
She said the initiative aligns with the Federal Government’s strategic plan to increase crude oil production to two million barrels per day by 2027 and ultimately raise output to three million barrels per day by 2030.
Eyesan urged the successful licence holders to commence development of their assets without delay, meet all financial obligations, and fully comply with the provisions of the Petroleum Industry Act (PIA) and other applicable regulations.
She also called on the operators to maintain the highest standards of health, safety and environmental protection while fostering responsible engagement with their host communities.
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The NUPRC chief stressed that fulfilling host community obligations is critical to the success of oil and gas projects, noting that peaceful community relations remain essential for sustainable operations.
Also speaking, the Executive Commissioner, Development and Production, Engr Enorense Amadasu, urged the awardees to faithfully implement their approved work programmes and investment commitments.
He disclosed that the Commission had introduced measures to fast-track approvals and permits to improve the ease of doing business in the upstream petroleum sector, assuring investors of NUPRC’s continued support.
The Commission Secretary and Legal Adviser, Barrister Olayemi Adeboyejo, reminded the new licence holders of the Petroleum Industry Act’s “drill or drop” provision, warning that operators who fail to develop their assets within the stipulated period risk forfeiting them.
She further advised the companies to establish their Host Community Development Trusts (HCDTs) promptly and adopt alternative dispute resolution mechanisms instead of litigation in resolving disagreements with regulators and host communities.
Companies presented with their licences at the 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.
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.
