Skip to main content

31 Oil Blocks RIsk Provisional Awards Over Debt

BY CHIKA OKEKE, Abuja
About 31 companies that emerged winners of 37 oil and gas blocks in the 2025 Licensing Round may lose their provisional awards to the reserve bidders over outstanding debt.

Part of the blocks are PPL 2A29 to PPL 2A62 in the Niger Delta, PPL 2010 in the deep offshore, PPL 308 in the Benin Basin, PPL 900 to PPL 903 in the Anambra Basin, PPL 700 in the Chad Basin and PPL 800 and PPL 801 in the Benue Trough.

But the 37 blocks offered in the licensing round comprise Petroleum Prospecting Licences, covering the Niger Delta onshore, shallow water and deep offshore areas, like frontier basins.

While a total of 143 companies participated in the licensing round, about 200 bids were submitted for the 37 blocks. However, 13 of the 50 blocks initially put up for bidding attracted no bids.

Stressing the consequences of their action, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, had on Sunday issued a notice, reminding the 31 companies of the implications of non- compliance to their directives.

NUPRC said: “Exactly a month ago, the NUPRC hosted the 2025 commercial bid conference in Abuja where 31 companies emerged winners of 37 oil and gas blocks. Having issued the winners with the provisional awards, compliance with the payment of signature bonuses has already begun.

“Winners who fail to pay signature bonuses within the stipulated time frame in line with the Petroleum Industry Act will forfeit their bid guarantee and lose their provisional awards to the reserve bidders.”

Under the Petroleum Industry Act and the applicable licensing guidelines, successful bidders are expected to pay signature bonuses ranging from $3m to $7m per block.

This is in addition to providing the required guarantees, pay first-year rents and satisfy other post-award conditions within the prescribed period, as failure to meet the requirements will result in the automatic transfer of the affected award to the next-ranked reserve bidder, according to the NUPRC.

The Chief Executive Officer of NUPRC, Mrs Oritsemeyiwa Eyesan advised the successful bidders to make the required payments without delay and commence development of the awarded assets.

She enjoined interested members of the public and stakeholders to visit the 2025 Licensing Round portal for further information on the awards and compliance requirements.

 

 

Comments

Post a Comment

Popular posts from this blog

EHCON Moves To Rebrand Environmental Health Sector Using Artificial Intelligence

BY CHIKA OKEKE, Abuja   Dr Yakubu Baba The Environmental Health Council of Nigeria (EHCON) has taken cogent steps to rebrand the environmental health sector using artificial intelligence.  Already, plans are underway to extend the initiative across the six geopolitical zones, as no community would be sidelined.  The Registrar of EHCON, Dr Yakubu Baba stated this in Abuja at a 3-day workshop organised by EHCON in collaboration with Afri-Tourism Investment Limited and West Africa Gas Pipeline Authority (WAGPA) with the theme: "AI-Driven Operations and Predictive Analysis." The essence of the workshop is to improve environmental health practice and prevent emerging diseases using artificial intelligent.   It is expected to empower Environmental Health Officers (EHOs) with the necessary digital skills needed to deepen environmental health practice and provide workable  solutions to problems.  Baba noted that integrating AI into environmental he...
Post a Comment
Read more

EHCON Unveils Technology To Phase-out Emissions, Protect Public Health

BY CHIKA OKEKE, Abuja The Environmental Health Council of Nigeria (EHCON) has unveiled a technology meant to phase-out Greenhouse Gas (GHG) emissions and protect public health from emerging diseases, in line with the Paris Agreement on Climate Change.  Tagged Oxytane Fuel Additive, it is designed to enhance engine performance, increase fuel efficiency by over 25 percent, and reduce harmful emissions by up to 70 percent. It has been tested on high-capacity generators, including at the Office of the Head of Service of the Federation. Oxytane works by cleaning fuel injectors, removing carbon deposits, and improving combustion in petrol, diesel, and kerosene engines. It is used for personal vehicles, generators, and industrial equipment.  Unveiled by EHCON in partnership with the Federal Ministry of Environment and Oxytane Africa Investment Limited, the initiative will strengthen environmental governance and control Nigeria's carbon footprints.  These formed the c...
6 comments
Read more

EHCON Bolsters NDCs With National Response Initiative On Greenhouse Gas Emissions

BY CHIKA OKEKE, Abuja Environmental Health Council of Nigeria (EHCON) has strengthened Nigeria's Nationally Determined Contributions (NDCs) with the unveiling of national response initiative, meant to cripple diseases traceable to Greenhouse Gas (GhG) emissions nationwide.  This formed the crux of discuss on Monday at the National Stakeholders’ Engagement on Greenhouse Gas (GHG) Emissions and the Declaration of a Public Health Emergency on Environmental-Related Diseases.  The National Emergency Response Initiative on Environmental Public Health Impacts of Greenhouse Gas Emissions (NERI-EPHIGGE) was designed to strengthen Environmental Health Service (EHS) delivery, promote climate responsive public health interventions and enhance the professional capacity of Environmental Health Practitioners (EHPs) across the country to mitigate GhG emissions.  Registrar/Chief Executive Officer of Environmental Health Council of Nigeria (EHCON) Dr Yakubu Baba said that the i...
Post a Comment
Read more