By Obas Esiedesa, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged newly awarded holders of Petroleum Prospecting Licences (PPLs) to fast-track the development of their assets to support the Federal Government’s target of increasing crude oil production to two million barrels per day by 2027.
The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, gave the charge on Friday in Abuja during the signing ceremony for the second batch of winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round.
Eyesan said the licences are expected to stimulate exploration, attract fresh investments, accelerate the development of Nigeria’s hydrocarbon resources and contribute to the country’s energy security and economic growth.
She noted that the initiative aligns with the Federal Government’s strategic objective of raising crude oil production to two million barrels per day by 2027 and achieving a long-term production target of three million barrels per day by 2030.
