Nigerian Government Warns Oil Firms of License Revocation for Undeveloped Blocks

The Nigerian government, through the Ministry of State for Petroleum Resources, issued a warning to oil companies holding undeveloped blocks for over 20 years, threatening license revocation for non-performance. Minister Heineken Lokpobiri emphasized the need for timely development to attract investors.

Oritsemeyiwa Eyesan of the Nigerian Upstream Petroleum Regulatory Commission highlighted the ongoing bid round for 50 oil blocks across different locations in Nigeria. The government aims to enforce stricter guidelines to ensure compliance and boost indigenous participation in the oil and gas sector.