Nigeria: Era of Holding Nigeria's Oil, Gas Assets As Souvenirs Over - Govt
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The Nigerian federal government announced that it will no longer tolerate oil and gas companies retaining licences without developing the fields. Under the drill‑or‑drop clause of the Petroleum Industry Act, operators must begin production or surrender their rights. The statement signals a shift toward active investment in the sector.
[This Day] The federal government has declared an end to the era of oil companies holding petroleum assets without developing them, insisting that operators must either invest in production or relinquish their licences under the drill-or-drop provisions of the Petroleum Industry Act (PIA).