The Federal Government has introduced a major fiscal incentive for new deep offshore oil and gas projects, allowing qualifying developments to restart the profit-oil sharing scale at 70:30 in favour of contractors, even where existing production in the same contract area has already moved to a higher government share.
The Federal Government has announced the commencement of allocation of the 2024 oil block licensing round. The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, said the 2024 block licensing round would last for approximately nine months.
The Federal Government, on Tuesday, said about $5bn worth of investments are expected in Nigeria from oil and gas companies this year.