The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) may renew 40 oil licenses set to expire in June 2025, but only based on company performance and in line with legal guidelines. These licenses, issued after the 2020 marginal fields bid round, may be extended by 3 to 5 years. Under the Petroleum Industry Act, renewal applications must be submitted by concessionaires, including assignees, especially in production sharing contracts or sole-risk operations by indigenous companies without government participation.
Nigeria may renew 40 oil licenses expiring in June 2025, based on company performance and legal compliance. Applications must be submitted 12 months before expiry. The government allows 3–5 year extensions, depending on terrain.
The Petroleum Minister warned that under the “drill or drop” policy, idle oil wells and unused licenses will be revoked and reassigned to capable operators to boost production.Minister Lokpobiri said low oil production is due to many shut wells. Reassigning these wells with strict production timelines will help boost output.
