Nigerian Regulator Urged to Release Billions in Oil Fund as Mandated by Law
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is under pressure to release the Frontier Exploration Fund (FEF) worth billions of naira for oil and gas stakeholders, as stipulated by the Petroleum Industry Act. The fund, intended to support seismic appraisal work in frontier basins, has not been deployed despite accruing substantial amounts.
The Minister of Petroleum Resources, Heineken Lokpobiri, publicly directed NUPRC and NNPC to utilize the fund immediately. This delay in utilizing the fund highlights structural gaps in Nigeria's oil and gas sector.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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