“Already, 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,” the report published on Thursday said.
Citing a concession report by Department of Petroleum Resources (DPR), the paper said that 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,” the report said.
It added that 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.
The report quoted an unnamed “reliable source” as disclosing that Nigeria may not hold a major oil licensing round until the Petroleum Industry Bill (PIB), which has been stuck at the national Assembly, is passed into law.
“For the deep water blocks and frontier basins the exploration period is ten years, broken into two five year periods which automatically roll over unless otherwise withdrawn due to nonperformance,” the report said.
It explained that an OML is granted upon confirmation of potential for economic production of petroleum from the licence, adding: “The OML grants exclusive rights to explore, win, produce and carry away petroleum from the relevant area.”
•Photo shows Petroleum Minister of State, Dr. Ibe Kachikwu.
