Nigeria Introduces Incentive for Upstream Petroleum Operations Cost Efficiency

Nigeria's Ministry of Information and National Orientation announced the issuance of the Upstream Petroleum Operations Cost Efficiency Incentives Order (2025) on 29 May 2025, which provides tax incentives for lessees, licensees, and their contractors in the upstream petroleum sector who achieve or exceed cost reduction targets as determined by the Nigerian Upstream Petroleum Regulatory Commission. For any license or lease where petroleum is being produced and operations are efficiently mana…