FG UNLEASHES WARNING: DORMANT OIL BLOCKS FACE FACE REVOCATION!
GREATRIBUNETVNEWS–THE Federal Government has issued a stern warning to oil block licensees, stating that licenses will be revoked if assets aren’t developed within the given timeframe. Here are the key issues:
– Licenses are no longer status symbols : “Licenses are no longer status symbol. They belong to government. Every licensee must develop the assets within the given time frame” – Heineken Lokpobiri, Minister of State, Petroleum Resources
– 20-year licenses without development won’t be tolerated: “Some licensees have held their licenses for 20 years without developing their assets. Such will not be tolerated any longer” – Heineken Lokpobiri
– No refund of bid fee or signature bonus: Lokpobiri explained that there will be no refund of bid fee or signature bonus, and post-bid adjustment isn’t provided for in the bid round
– Nigeria’s a mature field, attractive to investors: “Nigeria is a mature field. That’s why investors want to invest in the country’s hydrocarbon” – Heineken Lokpobiri
– *lPIA key to oil block recovery: Many blocks on offer were recovered through the Petroleum Industry Act (PIA) implementation, says Oritsemeyiwa Eyesan, NUPRC CCE
– Nigeria’s preferred investment destination: “Nigeria should be seen as the preferred investment destination in Africa. It is noteworthy that the number of indigenous producers has increased appreciably” – Oritsemeyiwa Eyesan
– 50 blocks on offer: A total of 50 blocks are available for bidding
16 onshore and 18 shallow water respectively are in the Niger Delta. Four onshore each are in Anambra, Benue and Chad frontier basin, while one onshore is in the Benin frontier basin.
There is only one deep offshore in the Nigeria Delta basin.
SOURCE==VANGUARD ==EXCEPT THE HEADLINE AND INTRO PLUS A FEW PARAGRAPHS
About the Author
