14 November 2022
Nine months after the enactment of the Petroleum Industry Act, 2021 (the “PIA”), the Government of the Federation of Nigeria, acting through the Honourable Minister of State for Petroleum Resources, granted the first set of petroleum prospecting licences to bidders who emerged as winners following the conclusion of the 2020 marginal field bid round.
The Petroleum Prospecting Licence (“PPL”) was introduced by the PIA and is to replace the oil prospecting licences issued pursuant to the Petroleum Act, 1969.
This newsletter outlines the conferred rights of a PPL holder. It explains the importance and duration of the PPL, as well as the work, social and environmental obligations of the licensed PPL holder.