Oil & Energy

DPR To Transfer Five Revoked Oil Blocks

Published

6 years ago

February 20, 2020

The Department of Petroleum Resources (DPR) has transferred Oil Mining Licence (OML) 98 to the Nigerian Petroleum Development Company (NPDC), stating the federal government is considering transferring five others, which were recently revoked.
DPR had earlier revoked the previously operated by Pan Ocean Oil Corporation and five others belonging to Allied Energy Resources Nigeria (OML 120 and 121); Express Petroleum and Gas Company (OML 108); Cavendish Petroleum Nigeria (OML 110), and Summit Oil International (OPL 206).
The federal government had ordered the revocation, justifying the decision as a move to “recover legacy debts” owed by the companies operating the licences.
In an event to transfer the asset, Director of DPR, Sarki Auwalu, who stressed that move was in the economic interest of Nigerians, especially the shareholders, stated that there are about 42 million barrels oil deposit in the block.He added that there are 20 million barrels of condensate as well as 393 billion standard cubic feet of gas.
Auwalu warned NPDC to put the asset to best use, stressing that government would not fail jail individuals, who treat the oil assets with levity.”If there any failure we will not hesitate to jail whoever is responsible,” Auwalu said. He said government is interested in helping investors make returns on investment, stressing that organisation must take advantage of alternative dispute resolutions instead leaving investment in limbo.
“We are not for any legal battle. Everything can be settled with alternative dispute resolutions because we need our assets to work for the interest of stakeholders,” Auwalu stated, while urging investors to be proactive and always consider economic value.
While reassuring the regulators of Pan Ocean’s commitment to a smooth transition, Mr. Olajide Ishola, chief operating officer, Pan Ocean said, “since last year when the revocation of the asset came into effect, a lot of things were left in limbo. This meeting set the tone for the handover and future of the asset. In the months ahead, we will continue to work closely with regulators to ensure that there is no significant disruption in production as a result of change in ownership.”
Pan Ocean has engaged in economic activity on OML 98 since 1973. Within the period, the company created jobs, contributed to the development of critical national oil and gas assets, and improved infrastructure in host communities.

Oil & Energy

Electricity Boost: Abia Launches Waste-To-Energy Project

Published

4 days ago

February 2, 2026

The Tide

Abia State Governor, Alex Otti, says the state is no longer experiencing power failures caused by frequent collapses of the national grid.

This is as his administration begins investing in converting organic waste Into electricity.

Speaking to the media at the State Government House, last Thursday, Governor Otti revealed that waste products are now being transformed into renewable energy through Biogas.

He stated that the state is no longer fully under the supervision of the Nigerian Electricity Regulatory Commission (NERC).

Otti explained that the new arrangement has been negotiated and accepted by the the Enugu Electricity Distribution Company (EEDC), the utility firm responsible for power distribution in Abia.

In his words “This is a pilot programme. Instead of discarding waste, we can convert it into clean energy, enabling us to power numerous areas, particularly the Umuahia In-Farms.

“I had earlier reported that our proposals to EEDC have been accepted, and we are in the process of raising funds to settle obligations with them.

“On 24th December, the Abia State Electricity Regulation Authority took iver the regulation of power from NERC. From now on, generation, transmission, and distribution will be regulated within the state.”

Otti highlighted that the initiative is aimed at improving efficiency and achieving energy independence, similar to how Aba Power provides electricity for the Aba In-Farms.

“You may Have noticed that during some recent national grid collapses, our state remained unaffected because a significant portion of our power infrastructure is now under our authority,” he said.

Governor Otti further expressed optimism on the Progress of the programme saying “That is the entire purpose acquiring the Umuahia in-farms, and i am pleased with the advancements we are making in this regard.”

Oil & Energy

NUPRC Pledges Transparency In 2025 Oil Pre – Bid Round

Published

4 days ago

February 2, 2026

The Tide

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reiterated its dedication to a transparent process for the 2025 Oil Bid Round.

The Chief Executive, NUPRC, Mrs Oritsemeyiwa Eyesan, while speaking at a Pre-Bid Webinar, at the Weekend, emphasized that the process is an opportunity for investors to participate in a stable, rules-based system that fosters genuine value creation.

Eyesan disclosed that the process involves five steps including “Registration, Pre-qualification, Data acquisition, Technical bid submission, and Evaluation and Commercial Bid Conference.

“This has been done to increase competitiveness and a response to capital mobility,”.

“Only candidates with strong technical and financial credentials will move forward, chosen through a transparent merit-based process”.

She noted that with President Bola Tinubu’s approval, signature bonuses have been adjusted to reduce entry barriers, prioritizing technical capabilities, credible programs, financial strength, and production delivery speed.

“Let me state clearly that the bid process will comply with the PIA 2021, promote the use of digital tools, for smooth data access and remain open to public, and international and institutional scrutiny through partners like NEITI, and other oversight agencies. Indeed, transparency is an integral part of our process,” she stated.

“To further strengthen the process, today’s Webinar, the first of its kind, aims to clarify bid requirements and helps you participate effectively before the tender deadline as well. We also invite your questions and feedback to improve the licensing round process and outcomes.

“In closing, let me emphasize that the Nigerian 2025 Licensing Round is not merely a bidding exercise; it is a clear signal of a reimagined Upstream Sector anchored on the rule of law, driven by data, aligned with global investment realities, and focused on long term value creation”, the NUPRC boss stated.

The 2025 Licensing Round, launched on December 1, 2025, offers 50 oil and gas blocks across various terrains, including frontier, onshore, shallow water, and deep water.

Since then, all licensing materials have been posted on the Commission’s portal, and dedicated support channels have been created to address applicant inquiries.

Oil & Energy

Dangote Refinery Affirms 75m Litres PMS, 25m Litres Diesel Daily Supply

Published

4 days ago

February 2, 2026

The Tide

Dangote Petroleum Refinery has reaffirmed its capacity to supply fuel volumes significantly more than Nigeria’s estimated domestic consumption.

The refinery said it can supply 75 million litres of Premium Motor Spirit (PMS) daily against an estimated national consumption of 50 million litres.

The company, in a statement issued to Journalists, at the Weekend, also said it has capacity to supply 25 million litres of Automotive Gas Oil (AGO) compared with an estimated daily demand of 14 million litres, along side capacity to supply 20 million litres of aviation fuel daily, above the estimated maximum domestic consumption of four million litres.

According to the refinery, the availability of volumes above prevailing demand provides critical supply buffers, enhances market stability and reduces reliance on imports, particularly during periods of peak demand or logistical disruption.

“The management of Dangote Petroleum Refinery would like to reiterate our capability to supply the underlisted petroleum products of the highest international quality standard to marketers and stakeholders,” the company said in a public notice.

The refinery reaffirmed its commitment to full regulatory compliance and continued cooperation with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), stating that its supply approach is aligned with ongoing efforts to ensure market stability and orderly downstream operations.

The refinery said it remains fully engaged with regulators and industry stakeholders in support of Nigeria’s national energy security objectives, as the country deepens its transition from fuel import dependence to domestic refining.

It expressed willingness to work closely with market participants to ensure that the benefits of local refining, including reliable supply, competitive pricing and improved market discipline are delivered consistently to consumers nationwide.

The statement added “With domestic refining capacity expanding, stakeholders believe Nigeria is increasingly positioned to reduce foreign exchange exposure, improve supply security and strengthen downstream efficiency through locally refined petroleum products”.

By: Lady Godknows Ogbulu