QUICK LINKS

×
  • Oil & Gas - News
  • Updated: June 26, 2022

NUPRC To Issue Licences To Successful Marginal Field Awardees Tuesday

Latest News

Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant journalist that loves creating SEO-focused content that drives businesses. ...

More From this Author

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it will issue Petroleum Prospecting Licences (PPL) to successful awardees of Marginal Fields in the 2020 Bid Round on Tuesday.

Chief Executive Officer, NUPRC,  Gbenga Komolafe, said this in a statement on Saturday in Abuja.

The PPL is expected to ensure that the awardees contribute to the country’s increased crude oil production capacity which currently stood around 1.4 million barrels per day.

The country had in recent times failed to meet the 1.799 million barrels per day capacity allocated to it by the Organisation of the Petroleum Exporting Countries (OPEC) and hopes that it exceeds that allotted capacity soon.

Komolafe said the licencing would be conducted in pursuant to the provisions of the Petroleum Industry Act (PIA), 2021.

He said that the Commission had in March informed all participants in the 2020 marginal field bid round programme that it had put all necessary machinery in place to conclude the bid round exercise in line with the PIA 2021.

Komolafe also said that the commission would unveil the implementation template for the Host Communities Development Trust for commencement of the provisions under Section 235 of the PIA.

This, he said, was to positively impact against restiveness in the host communities, and in the process guarantee seamless operations, boost investors’ confidence and provide enabling environment for sustainable development of the country’s hydrocarbon resources.

“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 the signing into law of the PIA 2021,” he said.

He added that the Commission constituted an in-house team to distil and address the concerns of awardees with a view to settling issues affecting multiple awardees per asset and formation of Special Purpose Vehicles by awardees, in line with the respective letters of the award.

Komolafe, therefore, urged awardees to avail themselves of the resolution mechanism provided by the Commission in the overriding national interest.

Tags

Join our Telegram platform to get news update Join Now
Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant journalist that loves creating SEO-focused content that drives businesses. ...

More From this Author

COMPANIES PROFILE

oando plc Oil & Gas

Exxon, an American Corporation, originally founded Oando in 1956 as Esso Africa....

LEARN MORE
ardova plc Oil & Gas

Ardova Plc, formerly Forte oil, was founded in 1964 as British Petroleum. After ...

LEARN MORE
11 plc Oil & Gas

11 PLC is the sole authorized distributor of Mobil fuel and lubricant brands in ...

LEARN MORE

0 Comment(s)

SPONSORED

See this post in...