Winners emerged after the successful bid round for Nigeria’s oil assets conducted by the Nigerian Upstream Petroleum Regulatory CommissionThe commission announced the winners of the oil bid round to include MRS Oil and Gas and TotalEnergies, while NNPC lost outThe NUPRC CEO, Gbenga Komolafe, disclosed that the commission will conduct another bid round next year for unexplored assets
Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian government has successfully bid for the ongoing 2024 oil licensing round.
The winners were announced at the commercial bid conference in Lagos on Wednesday, December 18, 2024.
President Bola Tinubu’s government conducts oil bid round for 2024
Credit: Bloomberg/Contributor
Source: Getty Images
New winners of Nigeria’s oil wells
The new winners include SIFAX & RoyalGate Consortium, which won PPL 300-DO; OceanGate Engineering Oil and Gas Ltd won PPL 302-DO and PPL 3007; Homeland Integrated is the winner of PPL 304-DO; Hakilat Oil & Gas Consortium Ltd trounced the NNPC E&P to clinch PPL 305-DO; and BISWAL Oil & Gas Ltd, which also defeated the NNPC E&P to win PPL 306-DO.
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According to reports, MRS Oil and Gas defeated NNPC E&P to win the PPL 303-DO.
Also, Petroli Energy Marketing and Supply Limited received licencing for PPL.
Others include Sahara Deepwater Resources Ltd, which won PPL 270 and PPL 271; Panout Oil & Gas beat TotalEnergies and three other bidders to secure PPL 300/301 CS. Panout also claimed PPL 3015.
Additionally, TotalEnergies E&P won PPL 2000/2001.
As only bidders, BISWAL emerger winners of PPL 2002; First E&P won PPL 2003 and PPL 2006; Deywayles International Limited got PPL 2004; Applefield Oil & Gas received licensing for PPL 2005; R28 Holdings Ltd became winners of PPL 2007 and PPL 3011; Tulcan Energy E&P won PPL 2008 and 3012; Broron Energy secured PPL 2009; Hakilat Oil & Gas received PPL 3016; and Applefield Oil & Gas won PPL 3017 as winners
According to Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), another oil licensing bid round will occur next year.
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FG to conduct another round in 2025
He said the NUPRC decided to annualise the bid rounds to boost oil production.
He disclosed that the 2025 exercise would be devoted to unexplored assets.
The NUPRC boss said the commission’s commitment is to restore investors’ confidence in the industry, stating that it has diligently done so by ensuring its activities align with the Petroleum Industry Act (PIA).
He stated that the commission has begun recovering idle assets based on PIA’s drill or drop provisions.
FG invites buyers for Nigeria’s oil blocks
In May this year, the NUPRC announced the commencement of the 2024 oil licencing round with 12 oil wells.
Komolafe stated that the 12 blocks cut across deep offshore, shallow water, and onshore terrains.
He explained that the round is a crucial step in the commission’s dedication to sustainable growth and innovation in the energy sector.
Shell announces significant investment in Nigeria’s oil industry
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Henzodaily.ng previously reported that Shell had announced that its Nigerian arm would invest about $5 billion in Bonga North, off the coast of Nigeria.
The firm disclosed that the oilfield would be a subsea tie-back to its Bonga floating storage facility.
The multinational oil firm said the project will involve drilling, starting with 16 wells and modifying the existing Bonga Main FPSO.
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Source: Henzodaily.ng