FG renews 25 oil block licenses as it earns $1bn

Nigeria has renewed 25 oil block licenses with a total earning of $1 billion in the last one year.

Data made available yesterday by the regulatory agency – Department of Petroleum Resources (DPR) – also showed that it has granted approval for 16 new field development plans with capacity to increase the nation’s oil and gas production by 560,463 barrels per day when fully commissioned. Some of the oil blocks that got DPR’s renewal nod were those that belong to International Oil Companies (IOC) and some indigenous oil companies, a source indicated yesterday.

It was further learnt that 19 expired leases in 2017 had been renewed to enhance upstream investment influx and accelerate oil and gas reserves and production growth.
In a similar vein, DPR is said to have issued 10 new licenses for the development of gas production and processing facilities that culminated in the commencement of operation (license to operate) of 2.5 million tons per annum fertiliser plants.

Source: Daily Trust



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