Nigeria Ends Era of Oil Assets Held as Souvenirs

The Nigerian government has ended the practice of allowing oil companies to hold petroleum assets without developing them, as stated in a declaration by the federal government on 26 October 2026. This move is part of the Petroleum Industry Act (PIA) provisions, which require operators to either invest in production or surrender their licenses.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated that the policy has enabled the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to reclaim undeveloped assets and make them accessible to investors ready to develop them.

Nigeria's 215 Trillion Cubic Feet (TCF) of proven gas reserves are expected to be leveraged for increased domestic supply, improved infrastructure, and industrial growth over the next five years, according to Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.