Indigenous oil firms are getting ready to take over oil and gas assets indicated for divestment by International Oil Companies, IOCs.
About 26 of such oil blocks are being considered for sale by Shell Petroleum Development Company, Nigeria Agip Oil Company, Mobil Producing Nigeria Unlimited, and Equinor.
The blocks by estimation have a total reserve of 8.211million barrels of oil, 2,699 million barrels of condensate, 44,110 billion cubic feet of associated gas and 46,604 billion cubic feet of non-associated gas.
These are considered to have capacity of significantly contributing to the nation’s hydrocarbon resources.
The Federal Government on Friday announced intention of the major oil companies to divest those assets.
At a dialogue session on divestments by IOCs in Abuja, the Chief Executive, of the Nigeria Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, gave the assurance of transparent process during the exercise.
Komolafe said the dialogue was organised by the Commission to give insight and guidance, as well as consider due diligence and interrogation on compliance with the laws and processes that govern the proposed divestment of oil and gas assets by international oil companies to indigenous companies.”
The Chief Executive said, “A total of 26 blocks are proposed to be divested.
These blocks have an estimated total reserve of 8.211million barrels of oil, 2,699 million barrels of condensate, 44,110 billion cubic feet of associated gas and 46,604 billion cubic feet of non-associated gas.
“Additionally, these blocks contain P3 reserves estimated at 5,557 million barrels of oil, 1,221 million barrels of condensate, 14,296 billion cubic feet of associated gas and 13,518 billion cubic feet of non-Associated Gas.
