The Federal Government of Nigeria has unveiled plans to revoke all unused oil exploration licenses that have been granted to oil companies in the country but haven’t been able to carry out any exploration activities on them.
Latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that over 60% of the prospecting licenses issued to local and foreign oil firms had expired, at a time when the country is seeking new investment to boost production.
Some of the expired leases belong to listed energy firm Oando (OANDO.LG) and the exploration unit of TotalEnergies, all in the Niger Delta.
