No fewer than 19 oil licences in Nigeria’s upstream sector have stated expiry dates falling within 2026, according to the Nigerian Upstream Concession Situation Report of the Nigerian Upstream Petroleum Regulatory Commission.The report, released in August 2026, covers petroleum exploration and production concessions across Nigeria’s upstream oil and gas industry, including Petroleum Prospecting Licences and Oil Prospecting Licences.It also shows that three oil licences had expiry dates in 2025, while several other concessions are scheduled to expire in 2027. The licences comprise 12 Petroleum Prospecting Licences and seven Oil Prospecting Licences whose stated tenure dates fall within 2026.The development comes as the Federal Government seeks to attract fresh investment into the upstream sector, raise crude oil production and deepen exploration activities while targeting idle assets.The PPLs listed with 2026 expiry dates include PPL 220, held by Navante Exploration and Production Limited, which is due to expire on October 16, 2026; PPL 232, held by Kizi Oil and Gas Services Limited, which expires on November 16; and PPL 235, held by Oceangate Engineering Oil & Gas Limited, which expires on November 1.The report also lists PPL 223 with an expiry date of November 30, 2026, while another PPL in the same group is shown with a December 28, 2026 expiry date. PPL 251 is also listed to expire on November 16, 2026. Other PPLs in the 2026 expiry group include PPL 266, held by AOS Orchard Petroleum Development Limited, with an expiry date of November 21, 2026.The report also lists PPL 277, PPL 275 and PPL 254 with February 14, 2026 expiry dates, indicating that their stated tenures had elapsed by the time the August report was released. However, the report does not state that the concessions had been revoked or cancelled.The Oil Prospecting Licence section also contains several concessions with 2026 expiry dates. They include OPL 228, held by Sahara Upstream Production Nigeria Limited, with an expiry date of July 9, 2026; OPL 289, operated by Cleanwaters Consortium, which expires on September 9; OPL 809 and OPL 810, both with June 14 expiry dates; OPL 276, which expires on August 14; and OPL 2010, whose stated expiry date is December 23, 2026.OPL 215, held by Noreast Petroleum Nigeria Limited, is also listed with a May 3, 2026 expiry date. The report shows that the expiry issue cuts across onshore and offshore acreage as well as different categories of upstream concessions.Several of the affected PPLs are located in the Niger Delta, including onshore and continental shelf areas. PPL 220, for instance, covers 44.816 square kilometres in the onshore Niger Delta and is associated with the Abigborodo field, derived from OML 49.PPL 232 covers 32.366sq km on the continental shelf and is associated with the Amaniba field, derived from OML 67, while PPL 235 covers 28.121sq km on the continental shelf and is associated with the Udara field, derived from OML 70.The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The report, released in August 2026, covers petroleum exploration and production concessions across Nigeria’s upstream oil and gas industry, including Petroleum Prospecting Licences and Oil Prospecting Licences.It also shows that three oil licences had expiry dates in 2025, while several other concessions are scheduled to expire in 2027. The licences comprise 12 Petroleum Prospecting Licences and seven Oil Prospecting Licences whose stated tenure dates fall within 2026.The development comes as the Federal Government seeks to attract fresh investment into the upstream sector, raise crude oil production and deepen exploration activities while targeting idle assets.The PPLs listed with 2026 expiry dates include PPL 220, held by Navante Exploration and Production Limited, which is due to expire on October 16, 2026; PPL 232, held by Kizi Oil and Gas Services Limited, which expires on November 16; and PPL 235, held by Oceangate Engineering Oil & Gas Limited, which expires on November 1.The report also lists PPL 223 with an expiry date of November 30, 2026, while another PPL in the same group is shown with a December 28, 2026 expiry date. PPL 251 is also listed to expire on November 16, 2026. Other PPLs in the 2026 expiry group include PPL 266, held by AOS Orchard Petroleum Development Limited, with an expiry date of November 21, 2026.The report also lists PPL 277, PPL 275 and PPL 254 with February 14, 2026 expiry dates, indicating that their stated tenures had elapsed by the time the August report was released. However, the report does not state that the concessions had been revoked or cancelled.The Oil Prospecting Licence section also contains several concessions with 2026 expiry dates. They include OPL 228, held by Sahara Upstream Production Nigeria Limited, with an expiry date of July 9, 2026; OPL 289, operated by Cleanwaters Consortium, which expires on September 9; OPL 809 and OPL 810, both with June 14 expiry dates; OPL 276, which expires on August 14; and OPL 2010, whose stated expiry date is December 23, 2026.OPL 215, held by Noreast Petroleum Nigeria Limited, is also listed with a May 3, 2026 expiry date. The report shows that the expiry issue cuts across onshore and offshore acreage as well as different categories of upstream concessions.Several of the affected PPLs are located in the Niger Delta, including onshore and continental shelf areas. PPL 220, for instance, covers 44.816 square kilometres in the onshore Niger Delta and is associated with the Abigborodo field, derived from OML 49.PPL 232 covers 32.366sq km on the continental shelf and is associated with the Amaniba field, derived from OML 67, while PPL 235 covers 28.121sq km on the continental shelf and is associated with the Udara field, derived from OML 70.The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” It also shows that three oil licences had expiry dates in 2025, while several other concessions are scheduled to expire in 2027. The licences comprise 12 Petroleum Prospecting Licences and seven Oil Prospecting Licences whose stated tenure dates fall within 2026.The development comes as the Federal Government seeks to attract fresh investment into the upstream sector, raise crude oil production and deepen exploration activities while targeting idle assets.The PPLs listed with 2026 expiry dates include PPL 220, held by Navante Exploration and Production Limited, which is due to expire on October 16, 2026; PPL 232, held by Kizi Oil and Gas Services Limited, which expires on November 16; and PPL 235, held by Oceangate Engineering Oil & Gas Limited, which expires on November 1.The report also lists PPL 223 with an expiry date of November 30, 2026, while another PPL in the same group is shown with a December 28, 2026 expiry date. PPL 251 is also listed to expire on November 16, 2026. Other PPLs in the 2026 expiry group include PPL 266, held by AOS Orchard Petroleum Development Limited, with an expiry date of November 21, 2026.The report also lists PPL 277, PPL 275 and PPL 254 with February 14, 2026 expiry dates, indicating that their stated tenures had elapsed by the time the August report was released. However, the report does not state that the concessions had been revoked or cancelled.The Oil Prospecting Licence section also contains several concessions with 2026 expiry dates. They include OPL 228, held by Sahara Upstream Production Nigeria Limited, with an expiry date of July 9, 2026; OPL 289, operated by Cleanwaters Consortium, which expires on September 9; OPL 809 and OPL 810, both with June 14 expiry dates; OPL 276, which expires on August 14; and OPL 2010, whose stated expiry date is December 23, 2026.OPL 215, held by Noreast Petroleum Nigeria Limited, is also listed with a May 3, 2026 expiry date. The report shows that the expiry issue cuts across onshore and offshore acreage as well as different categories of upstream concessions.Several of the affected PPLs are located in the Niger Delta, including onshore and continental shelf areas. PPL 220, for instance, covers 44.816 square kilometres in the onshore Niger Delta and is associated with the Abigborodo field, derived from OML 49.PPL 232 covers 32.366sq km on the continental shelf and is associated with the Amaniba field, derived from OML 67, while PPL 235 covers 28.121sq km on the continental shelf and is associated with the Udara field, derived from OML 70.The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The development comes as the Federal Government seeks to attract fresh investment into the upstream sector, raise crude oil production and deepen exploration activities while targeting idle assets.The PPLs listed with 2026 expiry dates include PPL 220, held by Navante Exploration and Production Limited, which is due to expire on October 16, 2026; PPL 232, held by Kizi Oil and Gas Services Limited, which expires on November 16; and PPL 235, held by Oceangate Engineering Oil & Gas Limited, which expires on November 1.The report also lists PPL 223 with an expiry date of November 30, 2026, while another PPL in the same group is shown with a December 28, 2026 expiry date. PPL 251 is also listed to expire on November 16, 2026. Other PPLs in the 2026 expiry group include PPL 266, held by AOS Orchard Petroleum Development Limited, with an expiry date of November 21, 2026.The report also lists PPL 277, PPL 275 and PPL 254 with February 14, 2026 expiry dates, indicating that their stated tenures had elapsed by the time the August report was released. However, the report does not state that the concessions had been revoked or cancelled.The Oil Prospecting Licence section also contains several concessions with 2026 expiry dates. They include OPL 228, held by Sahara Upstream Production Nigeria Limited, with an expiry date of July 9, 2026; OPL 289, operated by Cleanwaters Consortium, which expires on September 9; OPL 809 and OPL 810, both with June 14 expiry dates; OPL 276, which expires on August 14; and OPL 2010, whose stated expiry date is December 23, 2026.OPL 215, held by Noreast Petroleum Nigeria Limited, is also listed with a May 3, 2026 expiry date. The report shows that the expiry issue cuts across onshore and offshore acreage as well as different categories of upstream concessions.Several of the affected PPLs are located in the Niger Delta, including onshore and continental shelf areas. PPL 220, for instance, covers 44.816 square kilometres in the onshore Niger Delta and is associated with the Abigborodo field, derived from OML 49.PPL 232 covers 32.366sq km on the continental shelf and is associated with the Amaniba field, derived from OML 67, while PPL 235 covers 28.121sq km on the continental shelf and is associated with the Udara field, derived from OML 70.The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The PPLs listed with 2026 expiry dates include PPL 220, held by Navante Exploration and Production Limited, which is due to expire on October 16, 2026; PPL 232, held by Kizi Oil and Gas Services Limited, which expires on November 16; and PPL 235, held by Oceangate Engineering Oil & Gas Limited, which expires on November 1.The report also lists PPL 223 with an expiry date of November 30, 2026, while another PPL in the same group is shown with a December 28, 2026 expiry date. PPL 251 is also listed to expire on November 16, 2026. Other PPLs in the 2026 expiry group include PPL 266, held by AOS Orchard Petroleum Development Limited, with an expiry date of November 21, 2026.The report also lists PPL 277, PPL 275 and PPL 254 with February 14, 2026 expiry dates, indicating that their stated tenures had elapsed by the time the August report was released. However, the report does not state that the concessions had been revoked or cancelled.The Oil Prospecting Licence section also contains several concessions with 2026 expiry dates. They include OPL 228, held by Sahara Upstream Production Nigeria Limited, with an expiry date of July 9, 2026; OPL 289, operated by Cleanwaters Consortium, which expires on September 9; OPL 809 and OPL 810, both with June 14 expiry dates; OPL 276, which expires on August 14; and OPL 2010, whose stated expiry date is December 23, 2026.OPL 215, held by Noreast Petroleum Nigeria Limited, is also listed with a May 3, 2026 expiry date. The report shows that the expiry issue cuts across onshore and offshore acreage as well as different categories of upstream concessions.Several of the affected PPLs are located in the Niger Delta, including onshore and continental shelf areas. PPL 220, for instance, covers 44.816 square kilometres in the onshore Niger Delta and is associated with the Abigborodo field, derived from OML 49.PPL 232 covers 32.366sq km on the continental shelf and is associated with the Amaniba field, derived from OML 67, while PPL 235 covers 28.121sq km on the continental shelf and is associated with the Udara field, derived from OML 70.The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The report also lists PPL 223 with an expiry date of November 30, 2026, while another PPL in the same group is shown with a December 28, 2026 expiry date. PPL 251 is also listed to expire on November 16, 2026. Other PPLs in the 2026 expiry group include PPL 266, held by AOS Orchard Petroleum Development Limited, with an expiry date of November 21, 2026.The report also lists PPL 277, PPL 275 and PPL 254 with February 14, 2026 expiry dates, indicating that their stated tenures had elapsed by the time the August report was released. However, the report does not state that the concessions had been revoked or cancelled.The Oil Prospecting Licence section also contains several concessions with 2026 expiry dates. They include OPL 228, held by Sahara Upstream Production Nigeria Limited, with an expiry date of July 9, 2026; OPL 289, operated by Cleanwaters Consortium, which expires on September 9; OPL 809 and OPL 810, both with June 14 expiry dates; OPL 276, which expires on August 14; and OPL 2010, whose stated expiry date is December 23, 2026.OPL 215, held by Noreast Petroleum Nigeria Limited, is also listed with a May 3, 2026 expiry date. The report shows that the expiry issue cuts across onshore and offshore acreage as well as different categories of upstream concessions.Several of the affected PPLs are located in the Niger Delta, including onshore and continental shelf areas. PPL 220, for instance, covers 44.816 square kilometres in the onshore Niger Delta and is associated with the Abigborodo field, derived from OML 49.PPL 232 covers 32.366sq km on the continental shelf and is associated with the Amaniba field, derived from OML 67, while PPL 235 covers 28.121sq km on the continental shelf and is associated with the Udara field, derived from OML 70.The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The report also lists PPL 277, PPL 275 and PPL 254 with February 14, 2026 expiry dates, indicating that their stated tenures had elapsed by the time the August report was released. However, the report does not state that the concessions had been revoked or cancelled.The Oil Prospecting Licence section also contains several concessions with 2026 expiry dates. They include OPL 228, held by Sahara Upstream Production Nigeria Limited, with an expiry date of July 9, 2026; OPL 289, operated by Cleanwaters Consortium, which expires on September 9; OPL 809 and OPL 810, both with June 14 expiry dates; OPL 276, which expires on August 14; and OPL 2010, whose stated expiry date is December 23, 2026.OPL 215, held by Noreast Petroleum Nigeria Limited, is also listed with a May 3, 2026 expiry date. The report shows that the expiry issue cuts across onshore and offshore acreage as well as different categories of upstream concessions.Several of the affected PPLs are located in the Niger Delta, including onshore and continental shelf areas. PPL 220, for instance, covers 44.816 square kilometres in the onshore Niger Delta and is associated with the Abigborodo field, derived from OML 49.PPL 232 covers 32.366sq km on the continental shelf and is associated with the Amaniba field, derived from OML 67, while PPL 235 covers 28.121sq km on the continental shelf and is associated with the Udara field, derived from OML 70.The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The Oil Prospecting Licence section also contains several concessions with 2026 expiry dates. They include OPL 228, held by Sahara Upstream Production Nigeria Limited, with an expiry date of July 9, 2026; OPL 289, operated by Cleanwaters Consortium, which expires on September 9; OPL 809 and OPL 810, both with June 14 expiry dates; OPL 276, which expires on August 14; and OPL 2010, whose stated expiry date is December 23, 2026.OPL 215, held by Noreast Petroleum Nigeria Limited, is also listed with a May 3, 2026 expiry date. The report shows that the expiry issue cuts across onshore and offshore acreage as well as different categories of upstream concessions.Several of the affected PPLs are located in the Niger Delta, including onshore and continental shelf areas. PPL 220, for instance, covers 44.816 square kilometres in the onshore Niger Delta and is associated with the Abigborodo field, derived from OML 49.PPL 232 covers 32.366sq km on the continental shelf and is associated with the Amaniba field, derived from OML 67, while PPL 235 covers 28.121sq km on the continental shelf and is associated with the Udara field, derived from OML 70.The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” OPL 215, held by Noreast Petroleum Nigeria Limited, is also listed with a May 3, 2026 expiry date. The report shows that the expiry issue cuts across onshore and offshore acreage as well as different categories of upstream concessions.Several of the affected PPLs are located in the Niger Delta, including onshore and continental shelf areas. PPL 220, for instance, covers 44.816 square kilometres in the onshore Niger Delta and is associated with the Abigborodo field, derived from OML 49.PPL 232 covers 32.366sq km on the continental shelf and is associated with the Amaniba field, derived from OML 67, while PPL 235 covers 28.121sq km on the continental shelf and is associated with the Udara field, derived from OML 70.The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” Several of the affected PPLs are located in the Niger Delta, including onshore and continental shelf areas. PPL 220, for instance, covers 44.816 square kilometres in the onshore Niger Delta and is associated with the Abigborodo field, derived from OML 49.PPL 232 covers 32.366sq km on the continental shelf and is associated with the Amaniba field, derived from OML 67, while PPL 235 covers 28.121sq km on the continental shelf and is associated with the Udara field, derived from OML 70.The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” PPL 232 covers 32.366sq km on the continental shelf and is associated with the Amaniba field, derived from OML 67, while PPL 235 covers 28.121sq km on the continental shelf and is associated with the Udara field, derived from OML 70.The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The expiry schedule comes against a separate wave of new upstream licensing. In July 2026, NUPRC issued 19 Petroleum Prospecting Licences to 12 successful awardees under the 2024 Licensing Round and the 2022/2023 Mini Bid Round.The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The commission said the licences covered deep offshore, shallow-water and continental shelf acreage. Among the newly awarded licences are PPL 2007, PPL 3011, PPL 2006, PPL 2003-DO, PPL 2005, PPL 3017, PPL 2002, PPL 304-DO and PPL 306-DO, which were granted on July 8, 2026, with most carrying expiry dates of July 7, 2031.Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” Others are PPL 2008, held by Tulcan Energy E&P Company Limited, and PPL 2009, held by Broron Energy Limited. The contrast between the new awards and concessions approaching the end of their stated tenure shows the continuing turnover of Nigeria’s upstream acreage as the regulator implements the Petroleum Industry Act framework.However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” However, the report does not establish that all 19 concessions will necessarily leave the hands of their current holders on their stated expiry dates. Some entries in the document are marked for “possible optional tenure extension” or conversion, while others are marked “conversion in progress”.For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” For instance, PPL 219, held by Nuway Oaklane Limited; PPL 236, held by Emadeb Energy Services Limited; PPL 243, held by Waltersmith Petroman Limited; and PPL 258, held by Halkin Exploration and Production Limited, are marked “conversion in progress”.The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The report also uses an asterisk to identify concessions being processed for possible optional tenure extension or conversion. In the OPL section, OPL 228, OPL 809 and OPL 810 carry the asterisk indicating that processing is associated with possible optional tenure extension or conversion.Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” Therefore, the concerned licences should be understood strictly as the number of oil licences whose stated expiry dates fall within 2026 in the NUPRC report, rather than as a statement that the commission has terminated or revoked 19 licences.The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The report also contains a separate Petroleum Exploration Licence, PEL 1, held by TGS-Petrodata Offshore Services Limited, with an expiry date of April 20, 2026. PEL 1 is a 3D seismic and GravMag concession covering 56,500sq km in the deep offshore Niger Delta.The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The Petroleum Mining Lease section does not add to the 2026 oil-licence count, as the PMLs listed in the report generally have much longer tenures. Examples include PML 1, which runs to March 2043, and PML 79, which runs to March 2046.Related NewsKolmani oilfield: Host community faults FG election-season promisesFuel subsidy proposal may scare investors, IMPI warnsFG raises N7.62tn from bond market in eight monthsThe expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The expiry schedule comes amid renewed upstream investment activity, with NUPRC pushing fresh acreage into the market while encouraging exploration and development of existing assets.The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The commission said the July licensing exercise was aimed at deepening investment, accelerating exploration and growing Nigeria’s hydrocarbon reserves. For existing holders of the affected licences, the expiry dates are important regulatory milestones, especially if conversion, extension, or other tenure arrangements are needed.The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The concession report, however, does not provide details of the outcome of any renewal or extension application for each affected licence. For the 19 oil licences listed with 2026 expiry dates, the immediate issue is whether the relevant concessions will be renewed, converted, extended or otherwise dealt with under the applicable regulatory framework.The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The NUPRC report, while providing the tenure dates, does not state the final regulatory outcome for each licence.Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” Contacted for further clarification on Sunday, NUPRC promised to revert the following day. The commission had yet to do so as of Tuesday. Reacting to a similar development last year, the NUPRC said the law provides for an optional extension, depending on the terrain.The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The extension, it said, would depend on the company’s performance, the outcome of engagement with the commission and the applicable guidelines.Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” Earlier, an energy expert, Professor Emeritus Wumi Iledare, said that licence renewal was likely only where meaningful exploration or development activities had been undertaken.According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” According to Iledare, where such activities were absent, renewal would become increasingly difficult. He said licences were governed by the provisions of the Petroleum Industry Act, adding that each licence comes with a predetermined expiration or relinquishment date.Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” Renewal, he stressed, was contingent on meeting the criteria set by the upstream regulatory commission. The don noted that holders of the oil blocks ought to have contacted the commission since they knew their licences would expire soon.The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” The PUNCH recalls that the Federal Government has repeatedly expressed its determination to revoke dormant oil assets. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the ‘drill or drop’ policy would be implemented, adding that the government would take over idle oil and gas assets from operators holding on to them.2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” 2025 bid roundSpeaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” Speaking recently during the 2025 commercial bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” She said, “To the bidders that emerged successful, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” Stressing the ‘drill or drop’ provisions of the Petroleum Industry Act, she warned that operators who failed to develop awarded assets within three years risk losing them.“As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” “As enshrined in the PIA, we want you to remember the ‘drill-or-drop’ provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”“The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” “The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets,” she warned.Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” According to her, the announcement as a winner does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.” She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.”