NUPRC AWARDS 37 OIL BLOCKS, WARNS AGAINST DELAYS

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has awarded 37 new oil blocks to successful bidders in its ongoing licensing round, as part of efforts to boost crude oil production and attract fresh investment into the sector.

The Commission warned awardees against delays in exploration and development activities, reiterating its “drill or drop” policy which mandates timely execution or risk forfeiture of the blocks.

NUPRC Chief Executive emphasised that the awards align with the government’s strategy to increase reserves and revenue from the upstream sector. Bidders were selected based on technical competence, financial capability, and commitment to local content development.

The move is expected to unlock significant opportunities for indigenous and international operators while supporting Nigeria’s energy security goals. Successful companies have been urged to commence operations promptly and comply with all regulatory requirements, including environmental and community engagement standards.