=The Federal Government has implored the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to provide necessary support for the new owners of 57 fields under
the 2020 marginal field bid round in the country.
This will ease and facilitate seamless upstream petroleum operations in line with the objectives and provisions of the Petroleum Industry Act,Minister of State for Petroleum Resources, Chief Timipre Sylva,has said.
He spoke at the Petroleum Prospecting License (PPL) issuance ceremony for the 2020 marginal field bid round in Abuja,where he also said the Commission will support any aspiration for upstream development with midstream facilities integration towards maximizing the value chain.
He said:”It is envisaged that robust collaboration between the awardees and the Commission will lead to better understanding of the challenges being encountered. Therefore, I encourage you to promptly reach out to the Commission for guidance and support including mediations when challenges arise.
“The onboarding of new oil and gas players in the petroleum sector is part of this government’s policy to encourage more indigenous participation in our petroleum operations. Indeed, this will boost activities in the oil and gas sector, add to our production output, and create additional employment opportunities for Nigerians”.
He urged new awardees to note that their assets will be fully governed by the provisions of the PIA 2021.
He noted that the fiscal provisions in the PIA ranks among the best globally, and urged the awardees to seize the opportunities to quickly develop their fields and enjoy the full benefits in the PIA.
“It is my strong belief that the awardees would take advantage of the current attractive oil prices to bring these fields into full production within a short period in line with President Muhammadu Buhari’s aspiration to increase production, grow reserves and reduce cost of production” he added.
