Every second brings Nigerians closer to exercising their democratic right and shaping the future of our nation.
Exercise your democratic right responsibly, peacefully and lawfully.
Oil companies holding undeveloped petroleum assets in Nigeria may lose their licences as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) moves to enforce compliance with approved development plans.
The commission has instructed operators who obtained oil assets through recent licensing exercises to provide updates on their activities and show concrete plans for putting the assets into operation. The affected companies have until October 31, 2026, to demonstrate their commitment to meeting the requirements attached to their licences.
Speaking at an energy conference hosted by the Harvard Business School Association of Nigeria in Lagos, the Commission Chief Executive, Oritsemeyiwa Eyesan, stressed that holding an oil licence must translate into actual exploration and development. She indicated that the regulator was prepared to take action against companies that continued to hold assets without making sufficient progress.
The enforcement measures could include the withdrawal of performance guarantees, rejection of applications for licence renewal, surrender of allocated oil blocks and eventual cancellation of licences. The affected operators include beneficiaries of the 2020 Marginal Field Bid Round, the 2022/2023 Mini Bid Round and the 2024 Licensing Round.
The commission acknowledged that financial constraints, security concerns, equipment shortages and disagreements among business partners could delay projects. However, it maintained that operators must demonstrate measurable progress towards developing their assets. The move is aimed at preventing petroleum resources from remaining dormant while strengthening investment, production and efficiency in Nigeria’s oil and gas industry.
