Idle marginal field oil blocks face an imminent cut-off from October 31 under a new rule by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.
In a statement on Friday, the NUPRC highlighted the “Drill-or-Drop” provision of the Petroleum Industry Act, PIA, 2021 in a circular signed by its Chief Executive Officer, Mrs Oritsemeyiwa Eyesan.
The NUPRC said it would revoke non-performing licences from the 2020 Marginal Field Bid Round, 2022/2023 Mini Bid Round and 2024 Licensing Round.
The commission urged holders of non-performing licences from the 2020 Marginal Field Bid Round, 2022/2023 Mini Bid Round and 2024 Licensing Round to meet their statutory work commitments or risk losing their licences.
“In furtherance of the Commission’s mandate to ensure that licensed acreages are actively worked and petroleum operations are conducted in a diligent and businesslike manner, the Commission wishes to reiterate its Drill-or-Drop Policy and remind licensees of their statutory work commitments under the licence terms, including the timely execution of their approved work programme,” it said.
