FG withdraws 5 oil blocks from 2024 bid spherical

As traders start registration for the 2024 Licensing Spherical, the Nigerian Upstream Petroleum Regulatory Fee has got rid of 5 oil blocks from the continuing licensing spherical due criminal disputes.

The 5 oil blocks are stated to be underneath numerous litigation.

The Nigerian Upstream Petroleum Regulatory Fee showed the advance.

The affected property are PPL3008, PPL3009, PML51, PPL267, and PPL268.

The PUNCH reviews that the 5 blocks have been a few of the 12 first of all introduced by way of the NUPRC Eminent Govt, Gbenga Komolafe, on the Miami Global Roadshow for the 2024 licensing spherical hosted by way of the NUPRC in collaboration with the Petroleum Era Affiliation of Nigeria and Zetse Advisory & Consulting.

The 12 oil blocks first of all indexed by way of Komolafe have been PPL 300-CS; PPL 301-CS; PPL 3008; PPL 3009; PPL 2001; PPL 2002; PML 51; PPL 267; PPL 268; PPL 269; PPL 270; and PPL 271.

Alternatively, month saying that the property on deal could be larger, the NUPRC stated 5 others have been got rid of on account of criminal disputes.

“Because of newly obtained knowledge from the Multiclients, the Belongings on deal within the ongoing Licencing Spherical shall be larger.

 “However, PPL3008, PPL3009, PML51, PPL267, PPL268 have been removed from the Bid process due to ongoing litigation,” the NUPRC stated in a understand.

The NUPRC added, “Also, in accordance with the published guidelines, we have earlier indicated that some of the assets on offer should be applied as a single unit, namely: PPL 300-CS & PPL 301-CS, PPL 2000 and PPL 2001.”

Officers of the fee didn’t respond to inquiries from our correspondent on who the litigants are and the explanations for the litigation.

Our correspondent reviews that the fee didn’t point out possibly later the 5 affected property are out of the 17 on deal.

In the meantime, the NUPRC boss had in a remark introduced the addition of 17 deep offshore oil blocks to the 2024 licensing spherical.

“In pursuit of the fee’s loyalty to derive worth from the rustic’s considerable oil and fuel reserves and building up manufacturing, the fee has been running assiduously with multi-client corporations to adopt extra exploratory actions to obtain extra knowledge to foster and inspire additional funding within the Nigerian upstream sector.

“As a result of additional data acquired in respect of deep offshore blocks, the commission has added 17 deep offshore blocks to the 2024 Licensing Round,” Komolafe stated in a remark not too long ago.

The NUPRC boss additionally mentioned that to permit traders to make the most of the expanded alternatives, the 2024 Licencing Spherical agenda have been amended.

He stated, “Registration/submission of pre-qualification paperwork which was once first of all scheduled to akin on June 25, 2024, has been prolonged by way of 10 days and can now akin on July 5, 2024.

“Knowledge get right of entry to/knowledge acquire/analysis/bid preparation and submission which was once first of all scheduled to discoverable on July 4, 2024, and akin on 29/11/24 will now get started on July 8, 2024, and akin on 29/11/24 as up to now scheduled.

“All other dates in the published 2024 licencing round schedule remain the same unless otherwise communicated.”

All over the pre-bid convention held not too long ago in Lagos, it was once introduced that President Bola Tinubu had lowered the signature bonus payable by way of a hit bidders from round $200m to $10m.

In line with Komolafe, the NUPRC surveyed what alternative international locations like Brazil call for as signature bonuses from would-be traders and came upon the wish to slash that of Nigeria.

 Komolafe maintained {that a} fat signature bonus is a entrance access barrier within the Nigerian oil sector and the explanation many have now not been ready to manufacture property awarded to them.

Henceforth, the NUPRC disclosed that an funding in deepwater will now draw in $10m as a signature bonus month shallow H2O and onshore will draw in $7m.

To qualify for the bid spherical, the NUPRC Worker Director, Multiclient Surveys and Regional Research, Ahmad Abdullahi, disclosed that bidding organisations should possess a monetary capability of about $200m for deep offshore and $150m for shallow H2O and onshore.

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