Nigeria Concedes 36 Oil Blocks to International and Indigenous Companies

The latest data from the Nigerian National Petroleum Company Limited (NNPCL) reveals that a total of 36 oil blocks are currently under concession to international and indigenous oil companies operating in Nigeria.

The information is extracted from NNPCL’s new Consolidated and Separate Financial Statements for the 16 months ending December 31, 2022.

Block Distribution and Classification:

Deepwater: 8 blocks
Continental Shelf: 5 blocks
Land: 15 blocks
Swamp: 5 blocks
Partially Swamp: 3 blocks
These blocks are categorized into Oil Prospecting Licence (OPL) and Oil Mining Licence (OML). OPLs, granted for exploration and production, include 244, 242, 214, 223, 251, and 325. OMLs, granted for confirmed potential commercial production, include 154, 139, 119, 60-63, 111, 148, 65, 26, 28, and 30, among others.

Operational Status:

Exploration ongoing on 9 blocks
20 blocks classified as producing
3 blocks fall under the development category
NNPC Exploration and Production Limited, a subsidiary of NNPCL, holds a 100% interest in nine of these blocks, including OPL 242 and OMLs 119, 111, 65, 34, 64, 4, 11, and 24.

NNPCL, through NEPL, collaborates with various international and indigenous companies in commercial arrangements. Operating parties include Agip, ExxonMobil, Mobil, Ashbert, NEPL, AshbertiNNPC, NAOC (Nigeria Agip Oil Company), Enageed, Seplat, Newcross, Chevron, Oando, Vescar, SO, Nesten, ESSO, TEPNG, Nexen, FHN, Shoreline JV, SPDC, ND Western, and Neconde.

The report highlights NNPCL’s mandate under Section 64 of the Petroleum Industry Act of 2021 to operate on a commercial basis comparable to private companies. It is also tasked with managing Production Sharing Contracts, Profit Sharing, and Risks Service Contracts on behalf of the federation.

Economist Dr Sam Nzekwe emphasized the need for transparency, stating that the proceeds from these concessions should benefit the larger masses rather than a select few.

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