Business

S Businessday NG


The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it will on Tuesday June 28th issue Petroleum Prospecting Licences (PPL) to successful awardees of Marginal Fields in the 2020 Bid Round.

This the Commison said is pursuant to the provisions of the Petroleum Industry Act (PIA), 2021 and in fulfillment of the promise it made early this year.

Chief executive of NUPRC, Gbenga Komolafe in a statement on Saturday said the Commission will also unveil the Implementation Template for the Host Communities Development Trust for commencement of the provisions under Section 235 of the PIA, 2021, to positively impact against restiveness in the host communities; and in the process guarantee seamless operations, boost investors’ confidence and provide enabling environment for sustainable development of the country’s hydrocarbon resources.

This according to him will mark the conclusion of some of the most urgent and critical tasks inherited by the Commission when it was inaugurated in October 2021, after the signing into law of the PIA 2021.

Read also: How NUPRC plans to curb Nigeria’s oil theft

The Commission had in March this year informed all participants in the 2020 marginal field bid round programme that it has put all necessary machinery in place to progress the bid round exercise to conclusion in line with the PIA 2021.

“In furtherance of that resolution, the Commission constituted an in-house work team to distill and address the concerns of awardees with a view to close out issues affecting multiple awardees per asset and formation of Special Purpose Vehicles (SPV) by awardees in line with the respective letters of award,” the statement read.

“Awardees were therefore enjoined to avail themselves of the resolution mechanism provided by the Commission in the overriding national interest. The successful coordination and resolution of the issues culminated in the emergence of the successful awardees that would be handed over licences on Tuesday,” it added.



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