Further to our regulatory and compliance update of 19 May 2017 on the Executive Order on the Ease of Doing Business in Nigeria, the Department of Petroleum Resources (“DPR”) recently released timelines for service delivery (the “Timeline Document”). One of the services listed is the approval for assignment of interests in license/lease and marginal fields.
The Timeline Document:
The Timeline Document states that upon fulfillment of specific obligations by a customer, Ministerial approval on assignment of oil and gas interest shall be granted within twenty-two (22) working days of submission. The specific obligations listed in the Timeline Document include (i) submission of application in line with the Guidelines and Procedures for Obtaining Minister’s Consent to the Assignment of Interest in Oil and Gas Assets, which was released in 2014 and (ii) Payment of statutory application fee (Marginal Field – USD 2,500; Oil Prospecting License – USD5,000 and Oil Mining Lease – USD10,000).
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