The Nigerian Upstream Petroleum Regulatory Commission has eliminated five oil blocks from the current licencing round because of legal disputes, just as investors are starting to register for the 2024 licencing cycle.
There are reportedly five oil blocks involved in different legal disputes.
The development was confirmed by the Nigerian Upstream Petroleum Regulatory Commission.
PPL3008, PPL3009, PML51, PPL267, and PPL268 are the assets that are impacted.
The NUPRC Chief Executive, Gbenga Komolafe, first announced the five blocks at the Miami International Roadshow for the 2024 licencing round, which was organised by the NUPRC in association with the Petroleum Technology Association of Nigeria and Zetse Advisory & Consulting, according to The PUNCH.
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 were the 12 oil blocks that Komolafe first listed.
But even as the NUPRC declared that more assets would be up for grabs, it also revealed that five others had been pulled due to legal issues.
“Due to newly acquired data from the Multiclients, the Assets on offer in the ongoing Licencing Round will be increased.
“However, PPL3008, PPL3009, PML51, PPL267, PPL268 have been removed from the Bid process due to ongoing litigation,” the NUPRC said in a notice.
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.”
When our correspondent asked commission officials about the identities of the litigants and the circumstances surrounding the litigation, they did not respond.
According to PUNCH, the commission did not specify whether the five impacted assets are part of the total 17 being offered or not.
Concurrently, the head of NUPRC declared in a statement that 17 deep offshore oil blocks will be included in the 2024 licencing cycle.
“In pursuit of the commission’s commitment to derive value from the country’s abundant oil and gas reserves and increase production, the commission has been working assiduously with multi-client companies to undertake more exploratory activities to acquire more data to foster and encourage further investment in 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 said in a statement recently.
The head of NUPRC added that the schedule for the 2024 Licencing Round has been adjusted to enable interested investors to take advantage of the increased chances.
He said, “Registration/submission of pre-qualification documents which was initially scheduled to close on June 25, 2024, has been extended by 10 days and will now close on July 5, 2024.
“Data access/data purchase/evaluation/bid preparation and submission which was initially scheduled to open on July 4, 2024, and close on 29/11/24 will now start on July 8, 2024, and close on 29/11/24 as previously scheduled.
“All other dates in the published 2024 licencing round schedule remain the same unless otherwise communicated.”
