The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued 161 petroleum prospecting licenses (PPLs) in the 2020 marginal bid round exercise, generating NGN200bn (US$480m) and US$7m in revenue for the federal government. More than 70% of awardees have fully paid for their licenses, two years after bids were sought for the oil block. The petroleum regulator offered 57 fields in the bid round: 41 were fully paid for and 37 received a petroleum prospecting licences (PPL), having satisfied all conditions for the award.
Marginal fields, which are generally developed by local companies, are smaller oil blocks located onshore or in shallow waters. The NUPRC was created by the Petroleum Industry Bill adopted in 2021. Nigeria crude oil production dropped by 11% in 2021.
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