DPR Tweaks Rules to Avoid Oilfield Allocation Setbacks

Image

By Adedapo Adesanya

In order to avoid any legal obstruction that might block or affect Nigeria’s marginal oilfields bidding round, the Department of Petroleum Resources (DPR) has said it has changed certain rules regarding the allocation.

The Director of the DPR, Mr Auwalu Sarki, said the previous round was fraught with litigations and other challenges, which hampered the development of some of the oilfields, but added that the agency had learned from previous mistakes.

The DPR in June launched the country’s first bidding round for marginal fields in nearly 20 years in order to boost oil output and bring in the much-needed revenues that were affected by a global health crisis.

Now, the petroleum regulator said none of the fields being awarded faced legal issues, but courts have blocked two fields that were revoked in April from being included in any new licensing round. This followed another set of legal challenges expected from those holding 11 licences revoked in April.

Mr Sarki said, “This time around, our awardees will be credible investors with technical and financial capability.

“There is also the Post-General Award Conditions. This deals with the transfer of interest post-award. It means awardees cannot transfer more than 49 percent interest to another party post-award.”

He said the conditions also allow the Petroleum Minister, Mr Timipre Sylva, to withdraw the interest of a party that fails to meet its obligations in terms of joint awardees.

Share
Related Stories
Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
29-February-2024

No Going Back on Reforms—Tinubu

By Adedapo Adesanya President Bola Tinubu has said there is no going back on the reforms embarked upon by his government that have led to the hike of essential goods and services in the country. He made this known as he inaugurated the Red Line Rail Project in Lagos on Thursday. The project, an intra-state rail service, is aimed at improving transportation within the city and spans 37 kilometres. Speaking while inaugurating the project, the President reiterated his administration’s commitment to improving the nation’s infrastructural development. He said, “But this revolution that has started, this reform that is ongoing, we

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,

More Stories
Image
25-May-2020

GSK Declares N917m Profit in 2019, Proposes 55 Kobo Dividend

By Dipo Olowookere The board of GlaxoSmithKline (GSK) Nigeria Plc has proposed the payment of 55 kobo dividend to shareholders for the 2019 financial year. According to a notice from the healthcare firm, the cash reward is subject to appropriate withholding tax of 10 percent and approval at the Annual General Meeting (AGM). It further said the dividend would be only be paid to shareholders whose names appear on the register of members as the close of business on June 22, 2020. Thereafter, the register of shareholders will be closed from Tuesday, June 23, 2020 to Thursday, July 2, 2020

Image
22-August-2016

FG Raises Alarm Over Fake Malaria Drug In Circulation

An alarm has been raised by the Federal Government over a fake malaria drugs in circulation and has warned Nigerians to be careful of them. The government said it has confirmed two falsified versions of Quinine Sulphate being sold in the market, which contain zero active pharmaceutical ingredients. A statement by the Federal Ministry of Health and signed by its Director, Media and Public Relations, Mrs Boade Akinola, revealed that the drugs were circulating in West and Central African countries. Mrs Akinola revealed that the two version of the drug were circulating in Cameroon and the Democratic Republic of Congo.

Image
11-June-2023

NDLEA Uncovers Meth Production Lab In Ikeja Lagos

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) has uncovered a secret laboratory producing Methamphetamine in a residential community located in Ikeja, Lagos State. The agency disclosed that already packaged sachets of the drug and various precursor chemicals used in the production were recovered by its personnel. The clandestine laboratory located at No. 4 Bode Oluwo Street, Mende, Maryland, Ikeja, was stormed by anti-narcotics officers of the agency on Tuesday, June 6, after credible intelligence and surveillance confirmed the illicit substance was being produced in the duplex building. According to a statement signed by NDLEA spokesman, Mr Femi

Image
25-May-2019

Naira Devalues by 0.03% at Interbank Despite Supply of $210m

By Dipo Olowookere The Nigerian Naira weakened against the United States Dollar this week by 0.03 percent at the interbank segment of the foreign exchange market. The local currency depreciated to N356.92 per Dollar during week despite the $210 million supplied to the market by the Central Bank of Nigeria (CBN) to sustain liquidity. From the $210 million sold to the forex traders at the Secondary Market Intervention Sales (SMIS), the apex bank allotted $100 million Wholesale SMIS, while $55 million was given each to Small and Medium Scale Enterprises and invisibles. However, at the Investors & Exporters forex window,

Image
27-September-2018

T-Bills Yields to Decline on Anticipated N165b Inflows

By Modupe Gbadeyanka Investors are anticipating treasury bills worth N164.58 billion to mature today via the secondary market which. This is expected to cause a slight reduction in the T-bills average yields today, especially with the refusal of the Central Bank of Nigeria (CBN) to conduct Open Market Operations (OMO) since the beginning of this week. However, market players would be anticipating one today to suppress buying interests in the market, especially if a long tenor bill above 300 days is offered by the apex bank. Yesterday, the market traded with mixed sentiments with further selloff witnessed on the shorter

Image
20-September-2019

CBN Retains Benchmark Interest Rate at 13.5%

By Dipo Olowookere The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Friday announced the retention of its Monetary Policy Rate (MPR) at 13.5 percent. This announcement was made by Governor of the CBN, Mr Godwin Emefiele, while addressing newsmen in Abuja on outcome of the two-day meeting of the MPC, which started yesterday. According to the apex bank chief, the committee decided to leave the benchmark interest rate unchanged in order to monitor developments in both the global and local spaces. The central bank further said the MPC agreed to leave the asymmetric corridor at

Image
03-April-2019

Jumia Offers 80% Discount to Promote Easter Shopping

Nigeria’s number one online shopping destination, Jumia has announced that it will offer up to 80% discount during its Easter Sale campaign which is scheduled to start 12.01am on Monday, April 8th, 2019 and run till April 21st. The campaign will be predominantly hosted on the Jumia mobile App, and is expected to drive a sharp upturn in the shopping habits of Nigerians across the country, including those in the far-flung rural areas during the Easter season. There will also be flash sales at up to 50% off on limited stocks daily at 10am and 3pm. While explaining the objective

Image
17-April-2018

Elumelu at World Bank to Speak on Digital Economy for Africa

By Modupe Gbadeyanka Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, Mr Tony Elumelu, will join President of the World Bank Group, Mr Jim Yong Kim, and the chief executive of LinkedIn, Mr Jeff Weiner, to discuss Digital Economy for Africa. The Nigerian serial entrepreneur is opening debate of the ‘Digital Economy for Africa’ Forum to be held in Washington DC The event, organised by the organised by the World Bank Group, will take place on April 19, 2018, at the World Bank Group Main complex. The occasion will also serve to launch the World Bank Group’s

Ad
Ad
Recent Stories
Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in