PAVILION OPENING: From left; Minister of State for Petroleum Resources, Oil, Mr Heineken Lokpobiri; Mr Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, NUPRC; Business Development Relations/Strategy, Lee Engineering & Construction Company Ltd., Engr. Ozah Onosetale ; Director, Business Development and Relations, Houston Office, Dr. Gbenga Coker and Group Human Resources Manager, Mr.
Signature Bonus is a single, non-recoverable lump sum payment by the license holder to the government upon the granting of a petroleum exploration license. “Today, we are restoring investment confidence in the sector and ensuring that investors can bring in their funds without worries. This will show to the world that Nigeria is ready for business.”
He said that to ensure investors had a soft landing, such payments would now be tied to immediate exploration and production activities by the new entrants. He said the new strategy would ensure the creation of jobs and boost activities in the upstream oil sector. According to him, “I can rightly assure Nigerians that Indigenous companies have the capacity and are ready to double the investment of these divested assets.