Nigerian Petroleum Resources Minister Ibe Kachikwu is targeting $2 billion in early revenue from some 30 ongoing oil and gas lease renewals, including several due to expire by the end of 2020, many of which host fields lying dormant through neglect by majors.
Kachikwu said about $1.3 billion had already been raised and more was anticipated as renewal procedures ought to commence six months before the expiry date in order for companies to access development finance from banks.
