The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has advised the newly awarded holders of Petroleum Prospecting Licences (PPLs) to focus on developing their assets as quickly as possible and engaging responsibly with host communities in line with the Petroleum Industry Act. The Commission Chief Executive, Oritsemeyiwa Eyesan, said this at the signing ceremony of the second batch of winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round. According to Eyesan, licence holders must prioritise host community obligations in order to succeed. “As licencees, you are expected to execute your approved work programmes diligently, honour your financial commitments, comply fully with the provisions of the PIA, the applicable regulations and these contractual documents. “The Commission equally expects the highest standards of health, safety, environmental protection and responsible engagement with host communities,” the NUPRC boss said. In a statement by NUPRC’s Head, Media and Corporate Communications, Eniola Akinkuotu, the NUPRC boss said the licensees awarded under the 2022/23 Mini Bid Round and the Nigeria 2024 Licensing Round are expected to stimulate exploration activities, attract additional investment, accelerate the development of Nigeria’s hydrocarbon resources and contribute meaningfully to the nation’s energy security and economic development. These objectives, she said, are closely aligned with the Federal Government’s strategic aspiration to increase Nigeria’s crude oil production to 2 million barrels per day by 2027, while positioning the country to achieve a long-term production target of 3 million barrels per day by 2030.
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