Nigeria: Govt to Hold Oil Licensing Round in Mid-2020

Source Press
Tags Licensing Rounds, Upstream Activities
Date November 20, 2019

() The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has restated that the federal government would launch a new oil licensing round in mid-2020 for both offshore and onshore blocks in a bid to hit its 3 million barrels per day output target by 2023.

The NNPC boss also said the amendment of the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Act was expected by the oil and gas industry.

Mele Kyari said the bidding round will be launched after the government concludes talkswith foreign oil companies on new fiscal terms for oil exploration following recent amendments to the law.

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