FEDERAL GOVERNMENT REMOVESSIGNATURE BONUS REQUIREMENT FROM OIL BLOCK BIDDING.
The Minister of State for Petroleum Resources, and Oil, HEINEKEN LOKPOBIRI has announced the removal of the signature bonus requirement in bidding for oil blocks in a bid to attract fresh investments and ramp up oil output. LOKPOBIRI disclosed this yesterday on the sidelines of the ongoing 2024 Offshore Technology Conference, OTC, in HOUSTON, TEXAS. A signature bonus is a single, non-recoverable lump sum payment made upfront by oil companies to the government for the rights to develop an oil […]
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