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Home Business News

OML 119: NNPC records 14 bids for development of oil well 

Joseph Olaoluwa by Joseph Olaoluwa
November 2, 2019
in Business News
Mele Kyari, NNPC, NNPC spends estimated N33.60/litre on petrol subsidy, NNPC vows to be transparent, set to publish details of petroleum product supplies , OML 119: NNPC record 14 bids for development of oil well, This NNPC initiative aims to solve the problem of tanker explosions , Fluctuations of oil price threatening Nigerian content development — NNPC , Lagos pipeline leak contains water, not petrol- NNPC, NNPC gives condition for relocation of tank farms and depots from residential areas , NNPC to cultivate 2,675 hectares of cassava for Ethanol production, Key performance highlights of NNPC for 2019 FY

Mele Kyari of NNPC.

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A total of 14 companies have made an opening bid for the development and financing of Oil Mining Lease 119 (OML 119), according to the Nigerian National Petroleum Corporation (NNPC).

The Details: Group Managing Director of the Corporation, Mele Kyari stressed that the oil field was very important to the NNPC. He made this declaration at an official ceremony dedicated to the opening of bids for the Funding and Technical Services Entity (FTSE).

[READ MORE: Saudi Aramco, NNPC to collaborate to revamp dilapidated Nigerian refineries]

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Why this matters: Kyari explained that the oil field was in line with the Federal Government’s plans to increase the production of crude oil and natural gas, expand its reserves and monetize its natural gas deposits.

The Selection Process: Chief Operating Officer, Corporate Services, Faruk Sa’id assured all stakeholders present of a free and fair selection process for the potential FTSE. He added that the right company would be chosen based on stipulated laws and national interest.

Abdulhamid Aliyu, who serves as the Group General Manager, Supply Chain Management also insisted that the process would be just and fair.

Oil revenue, Nigeria

What you should know: OML 119 is located in the southeastern Niger Delta, approximately 50 kilometres offshore. The two producing fields on the block, Okpoho and Okono, were discovered by the Nigerian Petroleum Development Company (NPDC) in 1978 and 1983 respectively. Despite encouraging well results, the fields’ development did not start until 2001, when Agip Energy and Natural Resources (AENR) signed a modified service contract with NPDC.

In 2017, the House of Representatives Committee on Oil and Gas vowed to issue a warrant of arrest on managing directors of 10 oil firms, should they fail to appear before the committee to account for the unremitted $250 million to the Federal Government’s purse.

The oil firms included: Aiteo Energy, Neconde Energy, Frontier Energy and seven indigenous oil companies for allegedly not showing interest to remit the fund.

[READ ALSO: NNPC restates commitment to drive positive change]

The committee, headed by Hon Jerigbe Agom, also accused the Managing Director of Nigerian Petroleum Development Company (NPDC), of failure to remit $10 million accrued debt in line with the agreement it reached with the Department of Petroleum Resources, DPR.

The Managing Director was invited by the committee to explain why the Operating Mining Lease 119 (OML 119) was producing 5,000 barrels in spite of its capacity to deliver beyond.


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Tags: Faruk Sa’idFunding and Technical Services EntityMele KyariNNPCOn the Money
Joseph Olaoluwa

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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