NUPRC: Era of holding prospecting licence without assets development over

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the era of companies holding on to their prospecting licences without developing their assets is now officially over. The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, stated this when she received the management of the Petroleum Directorate of Sierra-Leone at the Commission’s headquarters in Abuja recently.

Eyesan said one of the beauties of the Petroleum Industry Act is Section 94 which compels operators to either commence work or relinquish the license, a provision commonly referred to as drill or drop. She revealed that the enforcement of this provision has now attracted more serious investors in the ongoing 2025 licensing rounds which will increase Nigeria’s petroleum reserves.

This was contained in the NUPRC X handle on Friday.

In his remarks, the Director-General, of the Petroleum Directorate of Sierra-Leone, Mr. Foday Mansaray, said the aim of the meeting was to understand Nigeria’s petroleum sector and use the lessons to improve his country’s own hydrocarbon sector. Mansaray called for a stronger and more sustainable energy collaboration between Sierra Leone and Nigeria.