Upstream

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has put on hold bid rounds on five oil blocks from the ongoing licensing round due legal tussle.The five oil blocks are under various litigation. NUPRC is said to have confirmed the development.The affected assets are PPL3008, PPL3009, PML51, PPL267, and PPL268.The five blocks were among the 12 initially announced by the NUPRC ...

…..gas as transition fuel will contribute 30 percent as source of energy in Nigeria for 2O years…..  ………..by Ben Ndubuwa…… The Project Manager, Upstream Operation, Sahara Group, Wole Ajeigbe, has said that the International Oil Companies’ (IOCs) in Nigeria divestment from onshore and other deep water operations are room and space for indigenous companies. Ajeigbe advised that it is time ...

A total of 2,659 members of the National Youth Service Corps (NYSC) across Nigeria have been pre-qualified for the final phase of the NNPC Foundation Business Pitching Exercise. Billed to hold from July 2nd to 10th, 2024, the exercise is an integral part of the NNPC Foundation’s Financial Literacy Program for Nigerian youths that witnessed the engagement of over 284,000 ...

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Wednesday met with industry operators and service providers on ways to harness Nigeria’s 1.6 billion heavy crude oil reserves, out of which it said only 5 percent is currently developed. Gbenga Komolafe, the Chief Executive of the NUPRC, while speaking during an industry-wide workshop in Abuja organised by the commission, noted that given ...

……by Ben Ndubuwa…..PETAN Chairman, Engineer Wole Ogunsanya has, on behalf of the assocition proposed a Joint Venture (JV) Model between PETAN and the Abia State Government as well as with NUPRC, through the identification of good potential upstream assets in the state. According to the group NUPRC’s support would be to secure the assets under its marginal field scheme, with ...

…..by Ben Ndubuwa…. Multinational energy corporation Chevron has signed two Risk Service Contracts (RSC) for Block 49 and Block 50, located in the ultra-deep waters of Angola’s Lower Congo Basin. The company – through its Angolan subsidiary Cabinda Gulf Oil Company Limited ­– was initially awarded the concessions by way of Presidential Decree in January 2024. The signing of the ...

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has offered another opportunity to investors by extending the 2024 licensing bid round registration by 10 days. Gbenga Komolafe, Commission Chief Executive Officer, who disclosed this in Abuja on Tuesday, said the extension is to allow interested investors to take advantage of the expanded opportunities. He explained that in pursuit of the commission’s ...

………..by Ben Ndubuwa…..As the federal government plans to include the seven deep offshore blocks from the 2022 Mini-Bid Round Exercise to the 2024 oil licensing round there are strong indication this plan may have arose the interest of the International Oil Companies (IOCs) to further invest more in Nigeria deep offshore instead of divesting their entire assets in Nigeria. Executive ...

………Moves to a smaller Office Space……… …….by Victor Egbo…….. ExxonMobil, one of the International Oil Companies in Nigeria has started to reduce its operating structures in preparation for plans to divest the company equities in the onshore businesses. This is because the ExonMobli/Seplat deal is near completion. The Nigerian National Petroleum Company (NNPC) Limited yesterday Thursday, announced the signing of ...

Finally, there is hope on the horizon for the ExxonMobil/Seplat deal, as the Nigerian National Petroleum Company (NNPC) Limited has announced the signing of a settlement agreement facilitating the divestment of ExxonMobil’s stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc. The NNPC in a statement on Thursday said the entities that signed the agreement include MPNU, Mobil ...