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 block commercially after successfully winning in the license bid round.

The minister assured investors that oil will remain relevant in Nigeria’s economy for a long time and that the government is creating an enabling environment that will attract the best of investments into the country.

He urged investors to take the opportunity of the oil bid round to invest.