The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that International Oil Companies (IOCs) have proposed divesting 26 oil blocks with significant hydrocarbon reserves to indigenous companies.

The blocks hold an estimated 8.2 million barrels of oil, 2.7 billion barrels of condensate, and 90.7 billion cubic feet of gas. NUPRC has engaged consultants to conduct due diligence on the proposed divestment, which includes acquisitions by Seplat, Oando, Chappal Energies, and Renaissance. This divestment will significantly contribute to Nigeria’s hydrocarbon resources.

The Commissions Chief Executive, NUPRC, Mr Gbenga Komolafe said: Additionally, these blocks contain P3 reserves estimated at 5,557 million barrels of oil, 1,221 million barrels of condensate, 14,296 billion cubic feet of associated gas, and 13,518 billion cubic feet of Non-Associated Gas.

It is worth noting that a substantial part of the P3 reserves is located in or near producing assets. This means that a competent successor can easily mature them to 2P reserves.

Additionally, the current average production from these blocks is 346,290 barrels per day (bpd) (NAOC-28,018 bpd, MPNU-159,378 bpd, EQUINOR-36,155 bpd, and SPDC-122,739 bpd).

But the technical production potential is much higher, standing at 643,054 barrels (NAOC-147,481 bopd, MPNU-244,268 bopd, EQUINOR-39,203 and SPDC-212,102 bpd).

These blocks have the potential to significantly boost our national production, which will benefit all stakeholders, he said.

NEWS, MULTI MEDIA

WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

Login to your account below

Please enter your username or email address to reset your password.

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName