NNPC says 36 Oil Blocks Under Concession to Int’l Oil Companies
Written by News Desk on February 5, 2024
Latest data from the Nigerian National Petroleum Company (NNPC) Limited showed that about 36 oil blocks are under concession to international oil companies operating in Nigeria and their indigenous counterparts in the country.
An analysis of NNPCL’s latest Consolidated and Separate Financial Statements for the Period Ended December 31, 2022, indicates that the eight blocks are located in deepwater, five blocks are continental shelf, fifteen blocks are on land, five blocks are located in swamp and another three blocks are located in partially swamp terrains.
The blocks are classified into Oil Prospecting Licence (OPL), and Oil Mining Licence (OML).
An OPL is granted by the government to an applicant company registered for exploration and production purposes, while an OML is granted upon confirmation of potential for commercial production of petroleum from the licence.
The national oil company’s financial statements outlined the blocks on concession to include OPLs 244, 242, 214, 223, 251 and 325.