In recognition of the funding challenges facing some of the awardees of the 2020 Marginal Field Bid Round licences, the Nigerian Upstream Regulatory Commission (NUPRC) is planning a production based lending engagement that would assist them source capital to commence full field development towards hitting first oil. According to the commission, the engagement, which is planned to commence soon, will …

Approximately 40 percent of the volumes credited to crude losses in the Nigerian petroleum industry are actually attributable to measurement inaccuracies and not theft as often reported, according to the Chief Executive of the Nigerian Upstream Regulatory Commission (NUPRC), Engr. Gbenga Komolafe. At the Petroleum Club Quarterly Dinner over the weekend, Komolafe said that the revelation followed a forensic audit …

In furtherance of the Nigerian Gas Flare Commercialisation Programme (NGFCP) of the Federal Government, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will hold a Bidders’ Conference/Investors Forum in Abuja on 2 February. The event will afford stakeholders and investors in Nigeria’s upstream petroleum sector the opportunity to seek clarifications on the programme. The conference is being organised barely a month after …

The Federal Government said on Monday that the licensing process for seven deep offshore open oil blocs, which began on 3rd January will last for four months. It welcomed investors with expertise and experience in deep water operations from across the world to accept the financial terms of the Petroleum Industry Act 2021 and participate in the bidding for the …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will host a stakeholder conference in Lagos on Monday, as part of measures to bring interested companies up to speed with the requirements of the 2022 Nigeria Mini Bid round process. In a statement on Wednesday, NUPRC’s Chief Executive, Engr. Gbenga Komolafe said the conference would provide potential applicants with the opportunity to …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Thursday, issued a seven-day ultimatum for all lease and licence holders operating in Nigeria’s oil and gas sector, to disclose the real owners of their companies. In the directive signed by its Chief Executive, Engr. Gbenga Komolafe, the commission demanded that the information to be disclosed must include the identity (ies) of …

The Senate on Tuesday mandated the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to resume full regulatory oversight of all crude oil terminals in Nigeria. This is to curb pipeline vandalism and theft, which has resulted in Nigeria’s failure to meet its OPEC quota between January and July, this year. The major shut-in of well and fields led to lack of …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that it is determined to take bold and revolutionary steps, using a non-kinetic approach, to address the challenges of crude oil theft, improve national crude oil production and save the country’s economy from further degeneration. Although NUPRC is not an operator/producer, it has a statutory responsibility as a regulator to probe …