Politics

Litigation: FG withdraws 5 oil blocks from 2024 bid spherical

As buyers start registration for the 2024 Licensing Round, the Nigerian Upstream Petroleum Regulatory Commission has eliminated 5 oil blocks from the continuing licensing spherical due authorized disputes.

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

The Nigerian Upstream Petroleum Regulatory Commission confirmed the event.

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

The PUNCH studies that the 5 blocks have been among the many 12 initially introduced by the NUPRC Chief Executive, Gbenga Komolafe, on the Miami International Roadshow for the 2024 licensing spherical hosted by the NUPRC in collaboration with the Petroleum Technology Association of Nigeria and Zetse Advisory & Consulting.

The 12 oil blocks initially listed by 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.

However, whereas asserting that the property on supply could be elevated, the NUPRC stated 5 others have been eliminated due to authorized disputes.

“Due to newly acquired information from the Multiclients, the Assets on supply within the ongoing Licencing Round will probably be elevated.

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

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.”

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

Our correspondent studies that the fee didn’t point out whether or not or not the 5 affected property are out of the 17 on supply.

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Meanwhile, the NUPRC boss had in a press release introduced the addition of 17 deep offshore oil blocks to the 2024 licensing spherical.

“In pursuit of the fee’s dedication to derive worth from the nation’s plentiful oil and fuel reserves and improve manufacturing, the fee has been working assiduously with multi-client corporations to undertake extra exploratory actions to accumulate extra information to foster and encourage 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 press release lately.

The NUPRC boss additionally said that to permit buyers to reap the benefits of the expanded alternatives, the 2024 Licencing Round schedule had been amended.

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

“Data entry/information buy/analysis/bid preparation and submission which was initially scheduled to open on July 4, 2024, and shut on 29/11/24 will now begin on July 8, 2024, and shut on 29/11/24 as beforehand scheduled.

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

During the pre-bid convention held lately in Lagos, it was introduced that President Bola Tinubu had decreased the signature bonus payable by profitable bidders from round $200m to $10m.

According to Komolafe, the NUPRC surveyed what different nations like Brazil demand as signature bonuses from would-be buyers and found the necessity to slash that of Nigeria.

 Komolafe maintained {that a} heavy signature bonus is a entrance entry barrier within the Nigerian oil sector and the explanation many haven’t been in a position to develop property awarded to them.

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

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

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