The Federal Government is set to revoke the licenses of some oil blocks in the country over delays in development of the oil blocks by the license holders.
He stated further: “Licenses are no longer status symbol. They belong to the government. Every licensee must develop the assets within the given time frame.
“Some licensees have held their licenses for 20 years without developing their assets. Such will not be tolerated any longer.”
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According to him, post-bid adjustment is not provided for in the bid round, as investors are cautioned to adhere strictly to the guidelines.
“Nigeria is a mature field. That’s why investors want to invest in the country’s hydrocarbon, “he added.
Also speaking, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Oritsemeyiwa Eyesan, stated that many of the blocks on offer were recovered through the implementation of the Petroleum Industry Act, PIA.
