Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result

Surprised?? Only one out of 77 oil blocks are producing – DPR

Nairametrics by Nairametrics
August 30, 2013
in Uncategorized
Surprised?? Only one out of 77 oil blocks are producing – DPR
Share on FacebookShare on TwitterShare on Linkedin

Oil-Platform

 

Do you have an Oil block? Do you know who has one? Well, apparently owning an Oil block these days is more of a status symbol if reports from the DPR is reliable.  According to the Mr. George Osahon of DPR

RelatedPosts

Latest US Interest Rate hike ‘will lead to Naira devaluation’ – Experts

Nigeria, Morocco to build world’s longest offshore pipeline

“Only one block is currently producing, while less than 30 per cent of blocks are actively worked; several Production Sharing Contracts, PSC, are yet to be signed; bank guarantees yet to be put in place; work obligations are not respected and downstream obligations not performed,” 

According to him, in the last three to four years, nothing is happening in Nigeria’s upstream sector, while in the marginal fields sector; only eight oil blocks are currently producing out of the 24 awarded to 31 successful companies. Giving a breakdown of the oil blocks awarded since 2005, Osahon revealed that in 2005, the Federal Government awarded 44 oil blocks across the country; 16 were awarded in 2006, and 17 in 2007.

Why is that? The Vanguard proffered a theory which I find quite compelling

It is widely believed that block owners merely acquire such assets for status ship, as most simply go block hawking when they acquire the licences. While it may have been easy to fling such blocks away to the first bidder, stringent measures introduced have made it impossible for Nigerian oil blocks to be sold so easily in the open market

Read more here

 

– See more at: http://www.vanguardngr.com/2013/08/only-one-out-of-77-oil-blocks-are-producing-dpr/#sthash.vnA2u4dZ.dpuf

 

Related

Tags: News ReviewNigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Lagos partners with private sector to provide more affordable houses with various projects
    • Central African Republic starts crypto hub to boost financial inclusion
    • FG reveals why it is pushing for more Public Private Partnerships in Nigeria

    Follow us on social media:

    Recent News

    Housing in Lagos State

    Lagos partners with private sector to provide more affordable houses with various projects

    July 5, 2022
    Central African Bank pushes back on Central African Republic’s adoption of Bitcoin

    Central African Republic starts crypto hub to boost financial inclusion

    July 5, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com