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FG to begin revoking idle oil blocks next week

Summary by Informed1 source

Summary

The Federal Government plans to start revoking idle oil blocks next week as the Nigerian Upstream Petroleum Regulatory Commission moves against licence holders who have not begun development within the required timelines.

Highlights

  • NUPRC Chief Executive Oritsemeyiwa Eyesan said the commission has issued a directive to recover blocks from operators that have failed to make progress.
  • The planned action covers licence holders that have not met the stipulated three-year timeline for onshore assets or five-year timeline for offshore assets.
  • Eyesan said the commission will call in the idle assets by the end of the month.
  • She spoke at an onboarding workshop in Lagos for holders of Petroleum Prospecting Licences from the 2022/2023 and 2024 licensing rounds.

Sources

Read the original reporting for more details and context.

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