The Petroleum Industry Bill proposes changes to upstream licence framework. To replace the Oil Exploration Licence (“OEL”), the Oil Prospecting Licence (“OPL”) & the Oil Mining Lease (“OML”), the Bill establishes the Petroleum Exploration Licence (“PEL”), the Petroleum Prospecting Licence (“PPL”) & the Petroleum Mining Lease (“PML”). The changes are not just in the nomenclature, the new regime includes a number of significant differences to the old structure. Our QRTs will show you those differences in an easily accessible format.