The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, says government is targeting about two billion dollars from the oil and gas lease licences renewal.
Kachikwu disclosed this while speaking to journalists at the just concluded Nigerian International Petroleum summit, today in Abuja.
We projected for the licences renewal probably around two billion dollars; right now, we are at about 1.2 billion dollars, 1.3 billion dollars. I don’t have the total number of the people renewing but I’m aware it should be around 20 to 30 renewals,He said
He said that although most of the licences were due for renewal between 2019 and 2020, the ministry decided to start early for some policy reasons.
According to him, the law allows that one can renew licence six months before expiration.
He added that companies that had less than six months for their licences to expire would never have access to fund in any financial institution.
Also, he noted that terms under which the licences were being renewed were reviewed adding that a lot of revenues were being generated.