FG presents 57 oil field licences to investors tomorrow

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will tomorrow issue Petroleum Prospecting Licences (PPL) to 57 awardees of Marginal Fields in the 2020 Bid Round.

Chief Executive, NUPRC, Gbenga Komolafe, in a statement, said this was pursuant to the provisions of the Petroleum Industry Act 2021.

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He said the commission would also unveil the implementation template for the Host Communities Development Trust that would help tackle restiveness in those communities.

The NUPRC said it had raised a committee to address concerns of awardees bothering on multiple awardees per asset and formation of Special Purpose Vehicles (SPV).

“The successful coordination and resolution of the issues culminated in the emergence of the successful awardees that would be handed over licences on Tuesday,” said Komolafe.