Connect with us

Featured

NUPRC Cancels Marginal Oil Field Awards To 33 Companies

Published

on

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revoked marginal oil field awarded to 33 companies for failing to meet the 45 days deadline required to pay the signature bonus for the fields.
The 2020 marginal field awards which was unveiled last May by the then Department of Petroleum Resources (DPR) had 57 fields on offer with 665 companies indicating interest to acquire them.
Giving an update on the award process at a meeting with the awardees in Abuja, yesterday, the Chief Executive of Officer of NUPRC, Engr. Gbenga Komolafe said of the 161 companies shortlisted for the awards only 119 awards were fully paid for with nine awards partly paid for.
Komolafe explained that “the marginal field guidelines provided for 45 days for the payment of signature bonus which has since elapsed, and we have issued a public notice to that effect as well as notified the relevant potential awardees”.
He disclosed that N174billion was realised from the signature bonus paid by the companies for the fields.
He noted that given the high cost capital and government’s desire to achieve first oil in the fields, the commission was making concerted efforts “to ensure that the 2020 MFBR exercise is completed within the shortest possible time”.
He, therefore, pointed out that “this engagement with Marginal Field awardees and Leaseholders is for the commission to state the policy position on the 2020 Marginal Fields Bid Round (MFBR), to enable successful awardees progress to field development phase in line with the Petroleum Industry Act (PIA) 2021”.
While stating that no new marginal field or farm-out agreements were envisaged under the PIA, he explained that prior to the enactment of the Act, fields were classified as marginal when: they are not considered by license holders for immediate development due to assumed marginal economics under prevailing conditions.
“Similarly, those with exploratory well drilled on the structure and reported as oil and/or gas discovery and left unattended for more than 10 years.
“Fields that leaseholders consider for farm-out due to portfolio rationalisation. Lastly, fields which the president may, from time to time, identify as such”.
On what would happen to the fields which signature bonuses were not paid for, he said the fields would be returned to the basket of fields available for awards.
“Accordingly for any field that is in the market, we are going to equally ensure a transparent process of getting across to new awardees. Essentially, one of the challenges that we observed in the review and post mortem exercise is that it is critical that bidders and interested bidders are able to provide proof of fund and proof of funds for field development.
“That will be a key consideration for future awards and the commission will do its due diligence to ensure that such presentation are genuine so that we do not experience this kind of situation again”, he added.
Komolafe stressed that the commission was ready to ensure that disputes amongst parties were quickly resolved to ensure that the Special Purpose Vehicles (SPVs) needed to move the process forward were set up.
“Furthermore, the commission through the Alternative Dispute Resolution Centre (ADRC) offers opportunity for co-awardees of marginal fields to resolve issues speedily and amicably”, he stated.

Featured

Rivers’ll Be Known For Peace, Not Crisis -Fubara

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has said that peace has prevailed because he draws strength from God to resist insults and tantrums thrown at him while frustrating attempts by some disgruntled persons who wanted to plunge the State into unending crisis.
The Governor also said that because he has anchored his Government on promoting peace, the enabling atmosphere has been provided for investments and sustainable development to flourish.
Governor Fubara made the assertion when he received a delegation of members of the Bishops and Gospel Ministers’ Association International Incorporated, Rivers State Chapter, at Government House in Port Harcourt, yesterday.
Represented by the Head of Rivers State Civil Service, Dr George Nwaeke, Governor Fubara said while most people took his meekness for weakness, his stance on peace has unarguably enhanced harmonious atmosphere of concord as residents sleep with their two eyes closed, and investors and shareholders are happy with the returns on investment.
He said, “Before, what they hear of Rivers State is that they are fighting, and some genuine investors will not come. Some people even ask you: How are you coping in Rivers State?
“But now”, he asserted: “The Governor has brought about a lot of changes in the State. One of the most important things is that he has changed the negative narrative. It is no longer Rivers of blood. It is now Rivers of peace.
“We are enjoying our lives here. Why? Because there is a change in the narrative. We have peace. The Governor is, as much as possible, absorbing any level of insult at him only for one purpose: that Rivers State may have peace; that we may grow; that this state will experience genuine development.”
Governor Fubara urged them, as members of the Christian family in the State, to continue to pray for the State and the Government so that the enemies of the State will be put to greater shame.
“This peace is what I want you to embrace. Go and continue to pray, because when the sower of the seed went and sowed, the enemy went in the night and sowed tares inside there. But the Governor is sowing peace.
“When I listened to the leader of the team, His Grace Eddy Ogbonda, he said you came all the way from Eleme Junction, and stopped at major junctions, and you uttered prayers for the peace of Rivers State.”
He also said: “I, hereby want to thank you for identifying with the Governor at a time like this. At a time when it looks as if someone wants the Governor’s peace posture misunderstood as weakness.
“When someone has the strength to fight back, but refuses to fight back. That is a bigger strength; that power of restrain does not just come, it can only come from God.
“You cannot give peace, if you do not have peace within you. The Governor is not interested in any form of trouble or violence. What he is interested in is known, and it is: let there be peace in Rivers State,” he said.
In his address, leader of the group, Archbishop Eddy Ogbonda, said they had observed a week-long intensive prayers that culminated into a peace rally, which brought them to Government House, and assured the Governor that God will continue to give him victory over his adversaries while preserving Rivers State.
“It is Rivers State Prophetic Prayer Convocation and Rally 2024 with the theme: ‘Peace be still’. Of a truth, everyone of us understands that we live in a time when we need peace much more than any other thing.
“Rivers State needs peace. Everyone as individuals need peace. The country needs peace, and the world at large needs peace. So, we are here to do a peace march. We pray that God will command His peace to reign in Rivers State,” he said.

Continue Reading

Featured

Hoteliers, School Owners Charging In Dollars Risk Arrest -EFCC

Published

on

The Economic and Financial Crimes Commission (EFCC) has stated that hotels, schools, and other establishments that accept payments in dollars from their customers are at risk of facing arrest.
The Chairman of EFCC, Ola Olukoyede, said this in the agency’s publication called EFCC Alert on Monday, adding that action would be taken against individuals involved in the dollarisation of the economy.
According to him, the exception is if foreigners come in to transact business and the only means of transacting is their credit card and dollar but to charge local customers in dollars or other foreign currencies would no longer be allowed.
He said charging local activities and customers in dollars is against Nigeria’s constitution.
The EFCC chairman said, “Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, we are coming after you and we have made arrests in that area.
“Yes, if foreigners are coming in and the only means of transacting is their credit card, and dollar, why not? You will get that.
“But document it properly as against selling things within the system, local economy and you will be using dollar as the medium of exchange, it is illegal.
“Our law does not allow for that. And we have also affected some arrests.”

Continue Reading

Featured

Eid-El-Fitr: Fubara Felicitates Muslims, Calls For Unity, Tolerance

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has enjoined Muslim faithful to remain steadfast to the lessons learnt during the holy month of Ramadan.
Governor Fubara stated this in his message of felicitations to Muslims as they celebrate the 2024 Eid-el-Fitr Sallah, which marks the end of the one-month Ramadan fasting.
The Governor emphasised the importance for Muslims to also uphold the tenets of Islam by exhibiting the fear of God and showing piety in their daily work.
Governor Fubara said, “We must all continue in the good attributes imbibed during the holy month of Ramadan as directed by God through His Prophet, so as to ensure peace, unity and harmony in the society for a better future.”
While praying that the essence of the festival offers them happiness, peace and prosperity in all aspects of life, Governor Fubara said he recognises and appreciates the critical role that the Muslim community continues to play in the development of Rivers State, and indeed, Nigeria at large.
Governor Fubara charged them to remain unwavering and steadfast in their commitment and positive contributions to advance the development of the State and the country.
“I enjoin you all in the State to remain calm, be patient and continue to do what is right,” the Governor added.
He wished the Muslim faithful in the State and across the country a happy Eid-el-Fitr celebration.

Continue Reading

Trending