NNPCL gives 36 oil blocks to IOCs, others

NNPCL gives 36 oil blocks to IOCs, others

About 36 oil blocks are under concession to international oil companies operating in Nigeria and their indigenous counterparts in the country comes with the latest data from the Nigerian National Petroleum Company Limited.

An analysis of NNPCL’s new Consolidated and Separate Financial Statements for the 16-Month Period Ended December 31, 2022, indicated that the blocks are located in deep water, continental shelf , land, swamp and partially swamp terrains.

The blocks are classified into Oil Prospecting Licence and Oil Mining Licence. An OPL is granted by the government to an applicant company registered for exploration and production purposes, while an OML is granted upon confirmation of potential for commercial production of petroleum from the licence.

The national oil company, through NEPL, also controls different levels of interests in other oil blocks, according to figures in its latest consolidated financial statements, adding that, the NNPCL as a group is in the business of prospecting, exploration and production of crude oil and gas through various wholly owned assets, joint venture arrangements and production sharing contracts with other companies in the industry.

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