Minister of Petroleum Resources (Oil), Heineken Lokpobiri, has refused to approve extensions for over 50 expired oil licences, mostly from the 2020 marginal fields bid round. Of the 60+ licences awarded, fewer than six have made the required investments to begin production. Lokpobiri argues that granting extensions to inactive holders is counterproductive, emphasizing the need to increase Nigeria’s oil production to meet both local and international demands.
He stated that non-performing licence holders are wasting resources and opportunities, and the government will instead reallocate licences to technically and financially capable operators .
He criticized some current holders for using the licences for prestige without actual development, calling it a disservice to national production goals.
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