The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri has said that some people in the country are holding oil block licenses as souvenirs and have failed to secure investment or undertake exploration activities.
Lokpobiri disclosed this in a statement on Wednesday in Abuja while speaking on the challenges the sector is experiencing.
He vowed that oil block licenses without exploration activities will be revoked.
According to him out of the 60 licenses issued in the recent oil block bidding, only 10 companies have successfully attracted investment and started exploration.
“I’ve always said if the upstream doesn’t succeed, the midstream and downstream will fail.
“And we have people who are holding licenses as souvenirs. If those people do not use the licenses given to them to be able to raise funds and then extract the crude oil from the soil, we better take it back from them”, he said.
DAILY POST recalls that in May this year, the Nigerian government commenced bidding for 12 oil blocks listed for sale.
‘Some people are holding oil block licenses as souvenirs’ – Nigerian Minister Lokpobiri
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