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PIB Passage Delaying Licensing Round For 11 Oil Blocks

The non-passage of the Petroleum Industry Bill (PIB) at National Assembly may compound the economic woes of the country early next by frustrating the needed licensing round for oil blocks this year.

Already, about 11 Oil Processing Lease (OPL) and Oil Mining Licenses are due to expire this year.

Some of the OPLs and OMLs have expired since April and some in August, while others will be expiring by the end of this year.

Concession report by Department of Petroleum Resources (DPR) obtained by The Guardian, Oil OPL 452 onshore field belonging to Concession of Amalgamated is expiring this year.

Also, Atlas Petroleum Nigeria Limited OML 109 is billed to expire this year; Cavendish Petroleum Nigeria Limited OML 110 is expiring this year.

Others are Conoil Producing Limited OML 136; Crownwell Petroleum Limited OPL 305 and OPL 306; Knoc Nigeria OPL 321 and 323; New Nigeria OPL 733, 809, 810 and 722; Starcrest OPL 291; and Nigeria Petroleum Development Company OML 111.

Experts say a major oil licensing round may not be possible until the PIB is passed into law.

The failure by the Federal Government to organise a bid round for marginal fields was as a result of the delay in the passage of the petroleum industry bill.

It would be recalled that in 2013, the government flagged off the second oil marginal fields licensing round aimed at deepening the participation of indigenous oil companies in the upstream sector of the oil and gas industry.

 

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