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Oil block Licensing: NUPRC gives 48 hours deadline for registration

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has given 48 hours deadline to new investors for registration of the 2024 oil block licensing bid round.

Mr Gbenga Komolafe made this known on Wednesday at the 23rd 2024 Nigerian Oil and Gas Energy Conference (NOG) in Abuja themed “Showcasing Opportunities, Driving Investment, Meeting Energy Demand’’.

Komolafe, in a presentation tagged “Defining the Outlook for Deep Water Exploration and Production in Nigeria’’ said the registration and submission of pre-qualification documents would close on July 5.

“Registration closes at 12 midnight Friday, July 5, 2024,’’ he said.

According to the CCE, announcement of licencing round, launch of bid portal and advertisement, which started on May 29, 2024, ended on May 10, 2024.

He said that technical and commercial bid submission including data access/data purchase/evaluation/bid, preparation and submission, technical bid, evaluation/publications of pre-qualified companies and commercial bid conference would begin Aug. 7 and end Dec. 13.

He said that ministerial consent, contracting and negotiation would start in Dec. 16 and end in Jan. 29, 2025.

He said that the total number of blocks were 31 while five blocks were under litigation.

Speaking on high impact achievements to optimise production, he said it conducted wide integrated study on the reactivation of shut-in strings in Nigeria to unlock 700 Million Barrel Per Day (MBOPD).

The CCE explained that approvals were granted for well interventions and re-entry operations with potential to develop greater than six MMB of oil and five Trillion Cubic Feet (TCF) of Gas.

He further said that the Field Development Plans for additional production was approved from four fields with peak potential of circa 125 Million Barrel Oil Per Day MBOPD.

He said it accelerated the approval and commissioning of four Alternative Crude Oil Evacuation Routes (ACOER) with a total combined capacity of about 250 MBOPD.

According to him, it has commenced the implementation of the drill or drop philosophy to optimise sustainable field development in line with petroleum Industry Act (PIA) provisions.

“The commission has engaged the E&P Companies on unlocking about 57 Trillion Cubic Feet (TCF) of uncommitted or unmonetised gas reserves.

“We developed and unveiled a template guiding the activities for Domestic Crude Oil Supply Obligation (DCSO) to ensure adequate and uninterrupted feedstock to all domestic refineries in Nigeria.

“We have issued the annual Domestic Gas Delivery Obligation (DGDO) to all lessees to drive gas production growth,’’ he said.

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Business

CBN sells $20,000 FX at N1450/$ to BDCs

The Central Bank of Nigeria said it sold foreign currency worth $20,000 to each eligible Bureau de Change operator at N1,450 per dollar.

A.A. Mahdi, the apex bank’s acting Director of Trade and Exchange Department, disclosed this in a notice on Thursday.

According to the notice: “To this end, the CBN has approved the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of S$20,000 is to be sold to each BDC at the rate of N1,450/$ (representing the lower band of the trading rate at NAFEM in the previous trading day).

“All BDCs are allowed to sell to eligible end-users at a margin not more than one point five per cent (1.5 %) above the purchase rate from CBN.”

The development led to the naira appreciating significantly on Thursday to N1,565 per dollar at the black market from N1,615.

Similarly, the naira also appreciated to N1,566.92 at the official FX market, according to FMDQ data on Thursday.

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Inflation increases to 34.19 percent – NBS

The headline inflation rate increased to 34.19% in the month of June, according to a report by the National Bureau of Statistics (NBS).

The report said food inflation also increased to 40.87 percent on a year-on-year basis, which was 15.62% points higher compared to the rate recorded in June 2023 (25.25%).

It stated that the rise in food inflation was caused by increases in prices of Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine, Mudfish (Fish Class), etc.

“On a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%. This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023).”

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“Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the rate recorded in May 2024 (2.14%).”

“The rise in Food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mud-
fish Fresh, Snail, etc, (Fish Class).

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It stated that all Items inflation rate on a Year-on-Year basis was highest in Bauchi (43.95%), Kogi (39.91%), and Oyo (39.15%), while Borno (25.90%), Benue (27.52%) and Katsina (29.21%) recorded the slowest rise in Headline inflation on Year-on-Year basis.

“On a Month-on-Month basis, however, June 2024 recorded the highest increases in Yobe (3.79%), Abuja (3.45%), Ondo (3.38%), while Nasarawa (0.71%), Osun (1.19%) and Kano (1.27%) recorded the slowest rise on Month-on-Month inflation.”

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UAE resumes visa issuance to Nigerians

Immigration kicks as Nigerian passport ranks below Niger, Chad, others

The Federal Government and the government of the United Arab Emirates, UAE, have signed an agreement for the resumption of visa issuance to travellers with Nigerian passports wishing to travel to the Middle Eastern country.

Minister of Information and National Orientation, Mohammed Idris, who disclosed this while briefing State House correspondents at the Presidential Villa, Abuja, on Monday, said the agreement took immediate effect.

He said, “You are aware that Nigeria has been discussing with the United Arab Emirates on the issue of visas for Nigerian passport holders going to the United Arab Emirates.

“Today, an agreement has been reached on that, and effective from today 15th July, Nigerian passport holders are able to obtain visa to go to the United Arab Emirates.

“Details of that will be provided to you latter today when we put out a statement.

“But I can tell you that the agreement has been reached, and effective from today, Nigerian passport holders intending to travel to the UAE are able to do so.”

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