NUPRC Expects 22 New Licence Holders to Add 250,000 Barrels of Oil Daily

The Nigerian Upstream Petroleum Regulatory Commission says 22 new Petroleum Prospecting Licence holders have five years to deliver at least 250,000 barrels of crude oil per day. The commission made the projection during an onboarding workshop for companies from the 2022/2023 and 2024 licensing rounds. It said the exercise would help the firms move from licence awards to actual production. NUPRC also reaffirmed Nigeria’s target of producing three million barrels per day by 2030. It restated that inactive oil and gas licences risk revocation after the October 31, 2026 deadline under the Petroleum Industry Act’s “drill or drop” provisions.

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