The Federal Government has threatened to issued a strong revoke oil block licences of firms and individuals who have failed to secure investment or undertake exploration activities.
Minister of Oil, Heineken Lokpobiri, who issued the threat while speaking on the challenges faced in the oil and gas sector, decried that out of the 60 licences issued in the recent oil block bidding, only 10 companies had successfully attracted investment and began exploration.
The minister said it was pointless for companies to keep licences as “souvenirs” without securing the necessary funding for exploration
“I see a lot of them everywhere in the world. They wear nice suits and speak grammar. But we have only improvised them more. They pay signature bonuses to the government, but they have no money. They have no wherewithal to be able to raise funds and do the real exploration,” Lokpobiri stated.
He said he was willing to make enemies and do the right thing by revoking the licences, which will be given to people who have the capacity.
