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The Minister of State for Petroleum Resources, Heineken Lokpobiri, has threatened to revoke licenses of dormant oil blocks.
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Lokpobiri stated that the government will implement the “drill or drop” provisions of the Petroleum Industry Act to boost oil production.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, has threatened to revoke licenses of dormant oil blocks, citing the need to boost oil production.
Speaking at a Cross Industry Group meeting in Florence, Italy, Lokpobiri emphasized that the government will implement the “drill or drop” provisions of the Petroleum Industry Act.
Lokpobiri stated, “We cannot continue to have assets sitting idle for 20 to 30 years without development. If you are not utilising an asset and it remains underdeveloped for decades, it neither adds value to your books nor to us as a country.”
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He urged operators to explore collaborative measures such as shared resources for contiguous assets, farm-outs, and the release of underutilised assets to operators ready to invest in production.
The minister also called on international oil companies to ramp up investment in the oil and gas sector, emphasizing that the government has provided investment-friendly fiscal policies.
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He noted that the current administration has set a production target of 2.06 million barrels per day in 2025, and urged operators to support local refining efforts.
Lokpobiri said, “The government has done its part by providing the requisite and investment-friendly fiscal policies. Now, the ball is in the court of the IOCs and other operators to make strategic investment decisions that will drive increased production and sustainability in the sector.”
FG Fulfils Promise to Corps Members, 77,000 Allowance Payment Begins
After six(6) months, the Federal Government of Nigeria under the Bola Ahmed Tinubu-led administration has finally fulfilled its promise of Seventy- Seven thousand (N77,000) naira payment allowance to corps members.
This was noted yesterday as some corps members shared screenshots of their alerts on different social media handles as proof that the payment has begun as promised.
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