Oil & Gas

28 Aug

Award of Participatory Interest in Egbolom Field

Marginal Fields Round 2020

Genesis Hydrocarbons Limited was successful in the 2020 Marginal Fields Bid Round and was subsequently awarded a participatory interest in the Egbolom Onshore (Swamp) Oil and Gas Field by the Federal Government of Nigeria, acting through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The Egbolom field, located within Oil Mining Lease (OML) 23, was originally discovered in 1982 by Shell Petroleum Development Company (SPDC). The marginal field has an estimated potential production capacity of up to 25,000 barrels of oil equivalent per day (BOE/day) at plateau, subject to development plans and regulatory approvals.

Genesis continues to pursue disciplined upstream growth, with a strategic focus on asset acquisition, field development, and the commercialisation of Nigeria’s significant gas resources.

26 Aug

Nigeria’s revenue crossed N1trn for the second month in July

The federation’s revenue from the oil and non-oil sector crossed N1 trillion for the second month in July.

Details of the revenue report from the office of the accountant-general of the federation seen by TheCable showed that the country raked in N1.26 trillion for the month.

The figure represents a N36.9 billion increase from the N1.22 trillion revenue recorded in June.

According to the breakdown, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) raked in N292.8 billion, while the Nigeria Customs made N190.26 billion for the month.

17 Aug

Increased output, higher revenue… what Nigeria stands to gain from NNPC’s OML deals

The Nigerian National Petroleum Company (NNPC) Limited, on Friday, renewed oil production sharing contracts (PSCs) with its partners — after nearly three decades.

The renewal is in line with the provisions of section 311 of the Petroleum Industry Act (PIA). NNPC said it has also resolved lingering disputes with its production sharing contracts (PSCs) partners.

Some of the partners are Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), and Esso Exploration and Production Nigeria Limited (EEPNL).

Under the PSCs arrangement, the country as the sole owner of the oil engages contractors to provide technical and financial services for exploration and production. When oil is found, the contractor pays rent (royalty) on the right to extract, recoups its expenditure/costs, takes a major chunk of the profits over the project’s life and pays taxes due on its profits.