The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, will begin revoking non-performing marginal field licences from October 31.
The commission, in a statement on Friday, invoked the Drill-or-Drop provision of the Petroleum Industry Act, PIA 2021, in a circular signed by its Chief Executive Officer, Mrs Oritsemeyiwa Eyesan.
It said the policy applies to holders of idle licences from the 2020 Marginal Field Bid Round, 2022/2023 Mini Bid Round and 2024 Licensing Round.
NUPRC urged affected licensees to meet their statutory work commitments and execute approved work programmes or risk losing their licences.
“In furtherance of the Commission’s mandate to ensure that licensed acreages are actively worked and petroleum operations are conducted in a diligent and businesslike manner, the Commission wishes to reiterate its Drill-or-Drop Policy,” the circular stated.
