New Set of Billionaires to Join Dangote, Others as FG announces 12 Oil Blocks up for Grabs

Jan 19, 2024 | Entertainment, News


  • The Chief Executive Office of the Nigerian Upstream Regulatory Commission has announced an opportunity for industry participants
  • It announced that twelve deep offshore blocks will be awarded after its 2022/2023 mini-bid round is completed
  • The company has put in place a robust framework to handle issues with community development trust, divestment, and abandonment

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Gbenga Komolafe, the Chief Executive Officer (CEO) of the Nigerian Upstream Regulatory Commission (NUPRC), has announced that twelve deep offshore blocks will be up for grabs in this year’s oil bloc bid round.

New set of billionaires to join Dangote, others as FG is set to award 12 oil blocks
NUPRC said it has scheduled the 2022/2023 mini-bid round for completion soon.
Photo Credit: Energy Intelligence
Source: Getty Images

He said this during his engagement with the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) and the Independent Petroleum Producers Group (IPPG).

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According to Komolafe in a The Nation report, the agency has scheduled the 2022/2023 mini-bid round for completion soon.

He said this will be followed by the new bid round involving the 12 blocks.

He said:

“Let me seize this opportunity to announce that in line with the provisions of Section 73 of the PIA, the commission will conclude the 2022/2023 Mini-bid Round and conduct a new bid round of 12 blocks located in the continental shelf and deep offshore.

We hereby call on investors to participate in the bid round process that will commence soon for shared prosperity.”

More partnership for NUPRC

Komolafe said that the NUPRC values collaboration and partnership to enhance the industry’s stability, growth, and sustainability.

He said that the commission recognises regulatory stewardship anchored on proactive agenda setting, mutual engagements and participatory oversight to engender positive change for the benefit of industry participants – majors and independents alike.

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He added:

“We are committed to pursuing this stance to deepen trust and entrench regulatory clarity in 2024 and beyond.”

The CEO announced intentions to hire qualified metering specialists to perform technical integrity audits of the metering facilities in the upstream sector of Nigeria to ensure that the facilities operate within industry-accepted error limits and best practices.

According to him, the organisation has established a solid structure for governing matters about divestment, abandonment, and community development trust.

Komolafe also said that NUPRC will be touring upstream facilities nationwide in the coming weeks.

He said that the commission will carry out its duty to improve an environment that is business-friendly and compliant with international standards.

Komolafe said:

“As members of OPTS and IPPG, you will continue to play a pivotal role in shaping the industry response to the evolving energy dynamics for the prosperity of our nation.

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“The implementation of the Regulatory Action Plan will be a collaborative effort to our mutual benefit.”

Earlier in 2022, Legit.ng reported that at least 57 Nigerian oil and gas companies that successfully won its last marginal field bid round had paid N174.944 billion license fee, according to NURPC

Before this, the last time the Nigerian government conducted such an exercise was in 2003, when 24 assets were put on offer and the rise of several oil billionaires.

Global oil giant Shell to sell Nigerian company after sacking workers, five firms ready to buy

Legit.ng reported that after almost a century of operations, British energy giant Shell has decided to sell its Nigerian onshore oil and gas division for up to $2.4 billion to a group of five primarily local businesses.

The company will be sold to Renaissance, comprising four exploration and production companies based in Nigeria – ND Western, Aradel Energy, First E&P, and Waltersmith- and the trading and investment firm Petrolin, headquartered in Switzerland.

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Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

Source: Legit.ng





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