By Udeme Akpan & Sebastine Obasi
The Federal Government is set to revoke the licenses of some oil blocks in the country over delays in development of the oil blocks by the license holders.
Confirming this yesterday at the Licensing Round Pre-bid Conference in Lagos, Minister of State, Petroleum Resources, Heineken Lokpobiri, added that there will be no refund of bid fee or signature bonus following the revocation.
He stated further: “Licenses are no longer status symbol.   They belong to the government.   Every licensee must develop the assets within the given time frame.
“Some licensees have held their licenses for 20 years without developing their assets. Such will not be tolerated any longer.”
According to him, post-bid adjustment is not provided for in the bid round, as investors are cautioned to adhere strictly to the guidelines.  
“Nigeria is a mature field. That’s why investors want to invest in the country’s hydrocarbon, “he added.
Also speaking, Commissio
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