Big moves as Shell, ExxonMobil, others to transfer 26 oil blocks to local firms

The Nigerian authorities has announced that 4 International Oil Companies (IOCs) are acceptable to divest from a full of 26 lipid blocks successful the country.

According to Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the projected lipid blocks are owned by Nigerian Agip Oil Company, ExxonMobil (Mobil Producing Nigeria Unlimited), EQUINOR, and Shell (Shell Petroleum Development Company of Nigeria Limited).

26 lipid blocks up for grabs arsenic Shell, ExxonMobil, different int'l lipid companies divest from Nigeria
Source: UGC

Komolafe made this revelation during an industry dialog connected divestment held successful Abuja.

He mentioned that Oando is successful talks to get NAOC assets from Eni, portion Seplat is bidding to instrumentality implicit Mobil assets.

These blocks collectively clasp an estimated full reserve of 8.211 cardinal barrels of oil, 2,699 cardinal barrels of condensate, 44,110 cardinal cubic feet of associated gas, and 46,604 cardinal cubic feet of non-associated gas, making a important publication to the nation’s hydrocarbon resources.

Komolafe said:

“Additionally, these blocks incorporate P3 reserves estimated astatine 5,557 cardinal barrels of oil, 1,221 cardinal barrels of condensate, 14,296 cardinal cubic feet of associated state and 13,518 cardinal cubic feet of non-associated gas.”

Komolafe mentioned that S&P Global Commodity Insights (SPGCI) and Boston Consulting Group (BCG) are among the apical planetary consultants specializing successful lipid and state decommissioning.

He explained that these consultants volition enactment intimately with NUPRC arsenic autarkic advisors to place each liabilities associated with end-of-field beingness and abandonment legacies, pursuing divestment protocols.

Source: Legit.ng