Emmanuel Ochayi
The Nigerian National Petroleum Company Limited (NNPCL) has disclosed the concession of 36 oil blocks to international and indigenous oil companies.
According to the NNPCL’s latest financial statements, these concessions span deepwater, continental shelf, land, swamp, and partially swamp terrains. Noteworthy blocks in the spotlight include OPLs 244, 242, 214, 223, 251, and 325, alongside OMLs 154, 139, 119, 60-63, 111, 148, 65, 26, 28, and 30.
Join our WhatsApp ChannelThe report outlines ongoing exploration on nine blocks, with 20 classified as producing and three earmarked for development. NNPCL Exploration and Production Limited, a subsidiary, holds a 100% interest in nine blocks, including OPL 242 and OMLs 119, 111, 65, 34, 64, 4, 11, and 24.
Operating parties in the commercial arrangement feature industry giants such as Agip, ExxonMobil, Chevron, and Seplat, among others.
Additionally, the NNPCL operates select blocks as an agent of joint venture partners, emphasizing capacity-building initiatives.
READ ALSO: NNPCL Targets Q1 2024 For Completion Of Warri Refinery Rehabilitation
The national oil company, mandated by the Petroleum Industry Act of 2021, is expected to conduct petroleum operations on a commercial basis comparable to private entities. It is charged with managing Production Sharing Contracts, Profit Sharing and Risks Service Contracts, lifting and selling royalty and tax oil, and promoting domestic natural gas use.
Economist Dr. Sam Nzekwe urges transparency in utilizing proceeds from these concessions, emphasizing the importance of benefiting the broader population. As Nigeria unveils its extensive oil block concessions, questions arise about the equitable distribution of economic gains for the nation’s prosperity.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
