The regulatory authority for the upstream segment of the oil industry has announced that Nigeria plans to increase its hydrocarbon production by offering new incentives to investors in the oil and gas sectors. natural gas.

For reasons of oil theft, acts of infrastructure vandalism, and a fall in new investments, oil production in Nigeria has declined in recent years. According to the director general of the Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, “the new incentives include the replacement of signature bonuses [the payments made by companies to governments when signing contracts, Editor's note] with lump-sum amounts for production.” The country's government is also planning to reduce the time it takes to issue licenses to oil and gas companies through bureaucratic procedures