The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued a stern directive to newly minted holders of Petroleum Prospecting Licenses (PPLs), ordering them to fast-track asset development or face forfeiture under the “drill or drop” provisions of the Petroleum Industry Act (PIA).
The regulator also urged the investors to prioritise corporate social responsibility to guarantee operational harmony, warning that strict adherence to host community obligations is non-negotiable for success in Nigeria’s evolving oil and gas landscape.
Oritsemeyiwa Eyesan, Commission Chief Executive of the NUPRC, gave the charge in Abuja on Friday at the formal signing ceremony for the second batch of winners from the 2022/2023 Mini Bid Round and the 2024 Licensing Round.
“As licensees, you are expected to execute your approved work programmes diligently, honour your financial commitments, and comply fully with the provisions of the PIA, the applicable regulations, and these contractual documents,” Eyesan said. “The Commission equally
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