Petroleum Technology Association of Nigeria (PETAN) members are considering bidding for prime oil blocks recently put up for sale.
PETAN, an association representing Nigerian Indigenous Technical Oilfield Service Companies, expressed interest in acquiring 12 onshore and seven deep offshore blocks currently available for bidding.
Chairman of PETAN, Engr. Wole Ogunsanya, affirmed this interest, stating, “We are trying to study the available fields to determine if viable in scale for our members.”
The blocks in question include Petroleum Prospecting Leases (PPLs) 300, 301, 3008, 3009, 2000, 2001, 267, 268, 269, 270, 271, and Petroleum Mining Lease (PML) 51 for onshore exploration, alongside Deep Offshore Blocks (PPLs) 300, 301, 302, 303, 304, 305, and 306.
This move by PETAN coincides with a broader interest from both indigenous and International Oil Companies (IoCs) in acquiring these lucrative oil assets. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the interest of potential bidders, emphasizing the strategic importance of attracting investors during the ongoing Offshore Technology Conference (OTC) 2024.
Engr. Gbenga Komolafe, Executive Commissioner of NUPRC, stated the government’s commitment to facilitating investment in the oil and gas sector. He noted, “Our mission at the OTC is to leverage one of the largest oil and gas events globally to showcase the huge hydrocarbon potentials and investment opportunities in Nigeria.”
Furthermore, he mentioned President Bola Ahmed Tinubu’s stance on promoting business in the sector, citing recent Executive orders aimed at enhancing fiscal and policy incentives. Komolafe reiterated that the NUPRC, as the implementing arm of the government, is dedicated to realizing the goals outlined by the President and the Petroleum Industry Act (PIA).
