FG targets 250,000bpd from 22 oil blocks, to withdraw idle licences Oct 31 – Daily Trust

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has promised holders of Petroleum Prospecting Licences (PPLs) of its full help to allow them progress from award to first oil, because the Federal Government strikes to convert idle belongings into energetic manufacturing.
The Commission stated it expects the 22 awardees from the newest licensing rounds to contribute not less than 250,000 barrels of oil per day to the nationwide manufacturing quantity, a strategic addition to improve Nigeria’s output.
The Commission Chief Executive (CCE), Mrs. Oritsemeyiwa Eyesan, spoke on Tuesday, October 20, 2026, in Lagos at a two-day onboarding workshop for PPL holders from the 2022/2023 and 2024 Licensing Rounds.
She stated: “For this set of awardees, we are expecting nothing less than 250,000 barrels per day in the next five years at least from the 22 awards,” Eyesan stated, including that “Nigeria remains on course to hit 3mmbopd by 2030.”
She defined that the onboarding workshop was arrange to information the PPL holders on their journey to first oil, including that the Commission assembled subject material consultants from the NUPRC and main professionals from the authorized and monetary sectors to present first-hand steerage on financing, compliance and commerciality.
She acknowledged that within the first day of the workshop, there have been 5 key periods reducing throughout your complete journey from award to first oil, to guarantee awardees perceive their obligations and alternatives underneath the PIA.
These, she stated, embrace regulatory framework, work programme obligations, exploration, appraisal and commerciality, area improvement and nicely operations, manufacturing optimization, and exploration financing.
Eyesan urged the awardees to be deliberate, technical, and accountable in executing their work programmes, warning that the Commission will not tolerate speculative holding of belongings.
Meanwhile, Eyesan advised journalists that the Commission has issued a directive that by October 31, 2026, all idle licences might be revoked in keeping with the drill-or-drop coverage.
She added: “We have issued a directive that by the end of this month, those who were awarded licenses, and have not done anything within the stipulated time – three years for those onshore and five years for those offshore – the Commission will call in those blocks. It’s going to be drill or drop. This is standard practice all over the world. In the UK, in the Netherlands, all over the world.”