In a decisive move to boost crude oil production and meet 2025 budgetary targets, the Federal Government on Tuesday declared an end to the issuance of dormant oil licenses, warning operators without the technical and financial capacity to develop oil fields to vacate the space.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the declaration at the 2025 Nigeria Oil and Gas Energy Week in Abuja.
Speaking at the conference themed, “Accelerating Energy Progress Through Investment, Global Partnerships and Innovation”, the Minister stated:
“The Federal Government remains resolute in ensuring that maximum value is derived from upstream assets currently held by operators.”
He added that the tightening of global financing for oil and gas projects has heightened the urgency for Nigeria to extract value from its hydrocarbon assets, noting that the country could no longer afford to keep licenses in the hands of non-performing firms.
“Only serious investors who are capable of actively developing their fields will retain access to Nigeria’s oil blocks,” Lokpobiri warned.
The move is part of a broader strategy to meet Nigeria’s OPEC production quota and secure revenue targets critical to the 2025 budget, amid global energy transition pressures and investment constraints.
