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NUPRC To Award PPL To Successful Marginal Fields

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the successful awardees of Marginal Fields in the 2020 Bid Round will receive the Petroleum Prospecting Licences (PPL) on Tuesday.

Mr. Gbenga Komolafe, the NUPRC’s Chief Executive Officer, stated this in a statement issued on Saturday in Abuja.

According to the Nigerian News Agency (NAN), the PPL is expected to ensure that the awardees contribute to the country’s increased crude oil production capacity, which is currently around 1.4 million barrels per day.

The country recently failed to meet the 1.799 million barrels per day capacity assigned to it by the Organization of Petroleum Exporting Countries (OPEC), but it hopes to exceed that capacity soon.

READ MORE: TEXEM Urges Data-driven Decision-Making In Nigerian Organizations

Komolafe stated that the licensing would be carried out by the provisions of the Petroleum Industry Act (PIA) of 2021.

He stated that the Commission informed all participants in the 2020 marginal field bid round program in March that it had put in place all necessary machinery to complete the bid round exercise by the PIA 2021.

Komolafe also stated that the commission would reveal the implementation template for the Host Communities Development Trust to begin implementing the provisions of Section 235 of the PIA.

This, he said, would have a positive impact on restiveness in the host communities, ensuring smooth operations, boosting investor confidence, and creating an enabling environment for the sustainable development of the country’s hydrocarbon resources.

“These will mark the completion of some of the most urgent and critical tasks inherited by the Commission when it was inaugurated in October 2021, following the signing of the PIA 2021 into law,” he said.

He added that the Commission formed an in-house team to distill and address awardee concerns to resolve issues affecting multiple awardees per asset and awardee formation of Special Purpose Vehicles by the respective letters of the award.

As a result, Komolafe urged awardees to use the Commission’s resolution mechanism in the overriding national interest.

NAN

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the successful awardees of Marginal Fields in the 2020 Bid Round will receive the Petroleum Prospecting Licences (PPL) on Tuesday.

Mr. Gbenga Komolafe, the NUPRC’s Chief Executive Officer, stated this in a statement issued on Saturday in Abuja.

According to the Nigerian News Agency (NAN), the PPL is expected to ensure that the awardees contribute to the country’s increased crude oil production capacity, which is currently around 1.4 million barrels per day.

The country recently failed to meet the 1.799 million barrels per day capacity assigned to it by the Organization of Petroleum Exporting Countries (OPEC), but it hopes to exceed that capacity soon.

READ MORE: TEXEM Urges Data-driven Decision-Making In Nigerian Organizations

Komolafe stated that the licensing would be carried out by the provisions of the Petroleum Industry Act (PIA) of 2021.

He stated that the Commission informed all participants in the 2020 marginal field bid round program in March that it had put in place all necessary machinery to complete the bid round exercise by the PIA 2021.

Komolafe also stated that the commission would reveal the implementation template for the Host Communities Development Trust to begin implementing the provisions of Section 235 of the PIA.

This, he said, would have a positive impact on restiveness in the host communities, ensuring smooth operations, boosting investor confidence, and creating an enabling environment for the sustainable development of the country’s hydrocarbon resources.

“These will mark the completion of some of the most urgent and critical tasks inherited by the Commission when it was inaugurated in October 2021, following the signing of the PIA 2021 into law,” he said.

He added that the Commission formed an in-house team to distill and address awardee concerns to resolve issues affecting multiple awardees per asset and awardee formation of Special Purpose Vehicles by the respective letters of the award.

As a result, Komolafe urged awardees to use the Commission’s resolution mechanism in the overriding national interest.

NAN

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Our newsletter gives you access to a curated selection of the most important stories daily.

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