NNPC Places 36 Oil Blocks on Concession to International Oil Firms

By Adedapo Adesanya

Latest data from the Nigerian National Petroleum Company (NNPC) Limited showed that no fewer than 36 oil blocks are under concession to international oil companies operating in the country and their indigenous counterparts.

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, 15 blocks are on land, five blocks are located in swamps 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 the 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.

For the Oil Mining Licences, they include OMLs 154, 139, 119, 60-63, 111, 148, 65, 26, 28 and 30.