It said it would enable the Petroleum Prospecting Licences (PPL) to be issued to 2020 marginal field awardees.
The NUPRC said the harmonised regulations would soon be forwarded to the Federal Ministry of Justice for vetting before becoming operational.
Mr Gbenga Komolafe, Commission Chief Executive (CCE), NUPRC, disclosed this on Friday in Abuja at a stakeholders’ engagement with print and electronic media.
Reports have it that the Petroleum Industry Act (PIA) 2021 had empowered the commission to develop regulations that will give meaning and intent to the Act.
This will ensure that all bottlenecks associated with regulatory processes are eliminated or minimised towards seamless upstream petroleum operations.
Therefore, the commission in collaboration with the Presidential Steering Committee, has developed some key regulations for the upstream petroleum sector in line with Section 216 (4) of the PIA, 2021.
The commission also organised a stakeholders’ consultation forum from April 20, to April 22, for the input from all stakeholders in the upstream petroleum operations before the finalisation of the regulations.
The draft regulations were harmonised and also hosted on the commissions website for general review and inputs from Stakeholders.
The regulations included Conversion and Renewal (Oil Prospecting Licences and Oil Mining Leases) Regulations; Petroleum Licencing Round Regulations and Upstream Petroleum Fees and Rent Regulations.
Others were Petroleum Royalty Regulations; Domestic Gas Delivery Obligations Regulations and Petroleum Host Community (Upstream) Regulations.
The CCE while speaking with newsmen said the final reviewed regulations were expected to be completed and become operational later by the first week of June 2022.
“Accordingly, the commission has incorporated into the Regulations the relevant issues of concerns raised during the working and plenary sessions to finalise the draft regulations,” he said.
He said in line with the PIA 2021, it had prepared Model Licences and Leases, and delineation of 57 areas of marginal Fields awarded following the 2020 Marginal Field Bid Round.
“These initiatives will facilitate issuance of petroleum prospecting Licence to the Marginal Field Awardees that formed Special Purpose Vehicles (SPVs) as required in the 2020 bid round guidelines.”
He said it would lead to the early Field Development Plan (FDP) and oil and gas production from the awarded Marginal Fields.