THE Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri, yesterday, stressed that the 19 oil blocks put forward for sale under the 2024 bidding round are not for politicians, but for for investors with financial capacity and technical competence.
THE Minister of State for Petroleum Resources Senator Heineken Lokpobiri, yesterday, stressed that the 19 oil blocks put forward for sale under the 2024 bidding round are not for politicians, but for for investors with financial capacity and technical competence.
According to him, “We have noticed a lot of idle blocs and little or no investment done on them in the last three years of acquiring them. Currently, over 90 percent of owners of these oil blocks are seeking renewal without commencing or investing in them. “However, we have taken away the 200 million signature bonus tied to block ownership. What we have tried to achieve is to tie such to operations and investment which will encourage investors and drive investment speedily on a field.
According to him, “The exercise, which was initially announced on the 29th of April 2024, is a significant leap in our strategic hydrocarbons development initiative. This round introduces twelve meticulously selected blocks across diverse geological spectra from the fertile onshore basins to the promising continental shelves and the untapped depths of our deep offshore territories. Each block has been chosen for its potential to bolster our national reserves and stimulate economic vitality.
“To ensure the seamlessness of the Licensing Round exercise, the NUPRC, in collaboration with our National Data Repository and multi-client partners, guarantees access to comprehensive and high-quality geological data, facilitating informed decision-making and strategic investments. The blocks on offer have extensive 2D and 3D seismic data coverage, including multi-beam and analog data.
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