Skip to main content

Four international oil firms divest from 24 mining leases



Four International Oil Companies (IOCs), Shell Petroleum Development Company (SPDC), Chevron Joint Venture (JV), and Conoco Philips, have collectively divested from 24 Oil Mining Leases (OPL) in the country.
SPDC, for instance, relinquished its 55 per cent interest in OML 4, 38, 41, 26, 3O, 34, 40, 42, 71, 72, 18, 24, 25 and 29 to indigenous operators, Seplat, Afren, Shoreline, ND Western, Elcrest/Eland, West African E&P/Dangote, Eroton, New Cross, and Aiteo.
Also, Chevron has sold its 60 per cent interest in OML 83, 85, 52,53, and 55 to First E&P/Dangote, Amni, Belema and Belema/Seplat. Conoco Philips’ 20 per cent interest in OML 60, 61, 62 and 63 has been sold to Oando.

The Department of Petroleum Resources (DPR), which made this disclosure in a presentation at the conference of the Society of Petroleum Engineer (SPE), believes the asset divestment will provide opportunity for the growth of independents.
The Nigerian National Petroleum Corporation (NNPC) corroborated the DPR, saying the trend provides opportunity for indigenous oil and gas companies to become active players in the upstream sub-sector of the industry.
NNPC stated that the divestments by the IOCs are creating opportunities for indigenous oil and gas companies to partake of the upstream sector of the industry and grow capacity.
“The spate of divestments would not lead to crisis in the nation’s oil and gas industry. Rather, the divestment by the majors is changing the onshore corporate landscape and creating material brownfield opportunities for upstream players looking to enter the Nigerian upstream space,” it said

Join our BBM channel for instant updates : C0030863D

Comments

Post a Comment

Popular posts from this blog

Collapsed banks in Ghana recovered only $142 million out of $2 billion loans, Bank of Ghana Governor reveals.

The Governor of the Bank of Ghana, Dr Ernest Addison says out of the $2 billion (GHS10.1 billion) worth of loans taken by the receivers of some nine banks which collapsed in the country, only $142 million (GHS731 million) has been received. The Governor of the Bank of Ghana (BoG), Dr Ernest Addison The nine banks were UT Bank, Capital Bank, Sovereign, Unibank, Construction Bank, The Royal Bank, Heritage Bank, Premium Bank and Beige Bank. According to him, the receivership process has been painstakingly slow with other loan defaulters and shareholders of the defunct banks engaging in frivolous legal cases to sabotage the process. “The process has progressed slowly as out of the total loans of $2 billion (GH¢10.1 billion) taken over by the Receivers, total recoveries so far is in excess of $142 million (GH₵ 731 million) and this has been achieved through loan repayments by customers; repayment of placements; sale of vehicles; liquidation of bonds; and from...
Post a Comment
Read more

How OPEC Agreed A 1.2Mbpd Production Cut

After months of wheeling and dealing, the member nations of the Organization of Petroleum Exporting Countries (OPEC) have finally agreed an average drop in production level of 1.2 million barrels per day, effective January. The agreement exempted Nigeria and Libya, but gave Iraq its first quotas since the 1990s, Bloomberg reports. Iran seems to be the greatest winner, as OPEC agreed for the country to raise output to about 3.8 million barrels a day as the country sought special treatment as it recovers from sanctions. However, Iraq OPEC’s second-largest producer, agreed to cut by 210,000 barrels a day from October levels despite its previous push for special consideration based on the urgency of its offensive against Islamic State. Saudi Arabia, which raised oil production to a record this year, will reduce output by 486,000 barrels a day to 10.058 million a day. The United Arab Emirates and Kuwait will reduce output by 139,000 barrels a day and 131,000 a day while ...
Post a Comment
Read more

BOOM: Nigeria’s External Reserves Drops To Lowest In 11 Years

Nigeria’s foreign exchange reserve fell to $25,780,765,483 (25.78 billion) as of August 16, the lowest we have seen since 2005. The drop was down 2.11% from a month ago. The Nations external reserves dropped below $26 billion for the first time on the 5th of August 2016 after it closed at about $25,971,610,949. In fact, the external reserves has dropped by about $480 million dollars in August alone compared to just $100 million in the whole of July. Ironically, the current balance of $25.9 billion is worth about 80% more than what it was in Naira following the depreciation of the naira after it was floated. The CBN has in the past few days ramped up sales of dollars at the interbank in the hope that it will create liquidity in a market that is yawning gape to swallow forex after nearly almost two years of intense rationing by the CBN. The Naira weakened to its lowest ever at the interbank after it closed at about N362.5/$1 in midday trading. The Naira will eventua...
Post a Comment
Read more