The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) plans to hold oil bid licensing rounds annually or biannually to boost crude oil production. Commission Chief Executive Oritsemeyiwa Eyesan stated that the bid rounds aim to encourage new activity and churn on abandoned concessions. Nigeria intends to maintain at least one bid round per year with a six to seven-month turnaround time, hoping new entrants and 'drill-or-drop' policies will spur productivity.
Related Articles
Don't miss out on breaking stories and in-depth articles.