The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has charged newly awarded holders of Petroleum Prospecting Licences (PPLs) to accelerate investment in their oil and gas assets while fulfilling their obligations to host communities in line with the provisions of the Petroleum Industry Act (PIA).
The directive was issued during the signing ceremony for the second batch of successful awardees from the 2022/2023 Mini Bid Round and the 2024 Licensing Round, held in Abuja on July 17, 2026.
Speaking at the ceremony, the Commission Chief Executive, Oritsemeyiwa Eyesan, emphasised that the success of the newly licensed operators would depend not only on timely asset development but also on building strong, responsible and sustainable relationships with their host communities.
She noted that compliance with host community obligations, as stipulated under the Petroleum Industry Act, remains a critical requirement for operators seeking to achieve long-term success in Nigeria’s upstream petroleum sector.
Eyesan explained that the licences awarded under both the 2022/2023 Mini Bid Round and the Nigeria 2024 Licensing Round are expected to unlock fresh exploration opportunities, attract new investments into the country’s oil and gas industry, accelerate the development of hydrocarbon resources and strengthen Nigeria’s energy security.
According to her, the licensing programme forms part of the Federal Government’s broader strategy to revitalise the upstream petroleum industry and drive economic growth through increased production and enhanced investor confidence.
She said the initiative aligns with the Federal Government’s ambitious production targets of increasing Nigeria’s crude oil output to 2 million barrels per day by 2027, while laying the foundation to achieve a long-term production goal of 3 million barrels per day by 2030.
The NUPRC Chief Executive also reminded the new licence holders of the Commission’s commitment to enforcing the “drill or drop” provisions of the Petroleum Industry Act, warning that companies that fail to actively develop their awarded assets within the stipulated timeframe risk forfeiting their licences.
Echoing the Commission’s position, the Commission Secretary and Legal Adviser, Olayemi Adeboyejo, urged the awardees to comply fully with the development timelines prescribed under the law.
He stressed that the Petroleum Industry Act was designed to promote efficiency, discourage asset speculation and ensure that petroleum assets are developed by investors with the technical and financial capacity to unlock their economic value.
Several indigenous and international energy companies received Petroleum Prospecting Licences during the ceremony. They include Biswal Oil and Gas Limited, Dewayles International Ltd, First Exploration and Petroleum Development Company, Panout Oil and Gas Ltd, R28 Limited Holdings Ltd and Hakilat Oil and Gas Consortium Limited.
The Commission also noted that another group of successful bidders—including Broron Oil and Gas Limited, Petroli Energy Marketing and Supply Limited, Sahara Group through its subsidiary Deepwater Resources Limited, and Tulcan Energy Exploration and Production Company Limited—had earlier received their licences on July 8, 2026.
The latest licence awards represent another milestone in the NUPRC’s ongoing efforts to deepen upstream investment, encourage responsible resource development and create an enabling regulatory environment that supports sustainable growth in Nigeria’s oil and gas industry. The Commission has consistently maintained that timely field development, regulatory compliance and constructive engagement with host communities are essential to unlocking the full value of the country’s hydrocarbon resources while delivering long-term economic benefits to Nigerians.
