FG Set To Offer 17 Marginal Oil Fields


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By Sunday Etuka, Abuja 

The Federal Government has begun the conduct of fresh bid round for marginal oilfields in Nigeria.

This is even as it disclosed plans to conduct a comprehensive review of all awarded assets to ascertain active and idle assets in the industry.

Commission Chief Executive (CCE), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe dropped the hint at the Maiden Edition of NEITI House Dialogue on Monday in Abuja.

The NEITI House Dialogue is a quarterly policy briefing that provides national and international platforms for CEOs and policy makers in the extractive industries to present information and data on key transparency and accountability policy reform efforts either accomplished or ongoing in their respective organisations.

Engr. Komolafe who disclosed that the bid round would commence between now and next year, noted that 12 acreages would be offered together with the 5 from the 2022 bid round that was put on hold because of the 2023 general election, assuring that the process would be fair, transparent and competitive in line with Section 73(1) of the Petroleum Industry Act (PIA).

He said, it would be difficult to give a figure to the amount that would be generated from the bid round, but said, it would run into billions of dollars for the federal government.

The NUPRC boss who said, the country’s oil production is currently hovering around 1.4mbpd and 1.5mbpd, said, Nigeria is still the largest producer of crude oil in Africa.

He noted that the petroleum environment prior to the PIA was chaotic, but that has been changed with 25 regulations put in place by the Commission, adding that the sector is now predictable for investors to come in.

Engr. Komolafe who disclosed that the Commission awarded 49 gas flare sites under the gas commercialisation programme of the federal government, also revealed that the Commission generated N4.344 trillion revenue in 2023.

Executive Secretary, NEITI, Dr. Orji Ogbonna Orji.

Earlier, in his Opening Remarks, the NEITI Executive Secretary/CEO, Dr. Orji Ogbonnaya Orji said, the NEITI House Dialogue (NHD) is a quarterly briefing of the agency designed to host notable policy makers in Nigeria’s extractive industries and related sectors, who will address issues that are of interest and topical to the industry.

He added that “the NHD will also get the invited policy maker to provide update or status report on the implementation of NEITI report recommendations as it concerns the agency.

“This is with a view to deepen not just government oversight and reforms in the extractive sector, but make it inclusive of all stakeholders”, Dr. Orji said 

According to him, “selected section of company representatives, media and civil society actors will be invited to the programme live. This is to demonstrate the multi-stakeholders’ nature of the EITI process.

“The invited guests will also get the privilege to ask the policy maker questions around the theme of the programme for the quarter. This will be strictly adhered to, to avoid derailing from the goal of the programme”, he said.

 

 


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