the Federal Government will begin a mass revocation of idle oil blocks next week as the Nigerian Upstream Petroleum Regulatory Commission moves to recover assets from operators who have failed to commence development within stipulated timelines.
The Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, disclosed this on Tuesday at a two-day onboarding workshop for holders of Petroleum Prospecting Licences awarded during the 2022/2023 and 2024 licensing rounds in Lagos.
Eyesan said the commission had issued a directive to recover blocks from licence holders who had failed to undertake activities within the stipulated periods, warning that operators who had held assets without making progress would no longer be allowed to retain them indefinitely.
Eyesan, who was emphatic about the plan, said some people have asked her if she was making empty threats, warning that the government would actually call in those idle assets by the end of the month.The commission’s directive covers licence holders who have failed to meet the stipulated timelines of three years for onshore assets and five years for offshore assets, according to Eyesan.