Section 68: Administration of Acreage and Vesting of Data.

1 Title to any data and its interpretation relating to upstream petroleum operations are vested in the Government of the Federation of Nigeria and shall be administered by the Commission.

2 The Commission shall administer any acreage for upstream petroleum operations in Nigeria.

3 Where a significant petroleum discovery is made in a frontier basin, the Minister may, on the recommendation of the Commission, reclassify all or part of the basin from frontier acreages to a general onshore area and the fiscal terms applicable to onshore under this Act shall apply to—
a new licences and leases in the basin after reclassification; and
b any existing lease upon renewal, provided that it shall not be applied to licences and leases existing at the moment of reclassification.