The Federal Government has declared an end to the era where oil companies acquire field licenses and leave them dormant.
The government warned that it would no longer tolerate operators lacking the technical and financial capacity to develop oil fields, saying that such licenses would be withdrawn.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, issued the warning at the ongoing 2025 Nigeria Oil and Gas Energy Week in Abuja.
Lokpobiri says that the government has engaged an international consultant to evaluate the 273 fees and rates faced by oil companies in the country to align them with international best practices.
