Section 70: Licences and Leases.

1 There shall be the following licences and leases under this Act related to upstream petroleum operations—
a petroleum exploration licence, which may be granted to qualified applicants to carry out petroleum exploration operations on a non-cxclusive basis;
b petroleum prospecting licence, which may be granted to qualified applicants to—
(i) drill exploration and appraisal wells and do corresponding test production on an exclusive basis, and
(ii) carry out petroleum exploration operations on a non-exclusive basis; and
c petroleum mining lease, which may be granted to qualified applicants to-
(i) win, work, carry away and dispose of crude oil, condensates and natural gas on an exclusive basis,
(ii) drill exploration and appraisal wells and carry out the related test production on an exclusive basis, and
(iii) carry but petroleum exploration operations on a non-exclusive basis.

2 A licence or lease may be granted under this Act only to a company incorporated and validly existing in Nigeria under the Companies and Allied Matters Act.
Act No 3. 2020.