NNPCL has granted concessions for 36 oil blocks to IOCs and other entities

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The most recent data from the Nigerian National Petroleum Company Limited reveals that no fewer than 36 oil blocks are currently under concession to both international and indigenous oil companies in Nigeria.

These blocks span various terrains, including deepwater, continental shelf, land, swamp, and partially swamp.

The blocks are further categorized into Oil Prospecting Licence (OPL) and Oil Mining Licence (OML).

The financial statements outline specific OPLs and OMLs, with information on their status, ownership, and operating parties involved in the concessions.

 

The report emphasizes the legal mandate, responsibilities, and commercial arrangements of the national oil company in managing these concessions.

 

Economist Dr. Sam Nzekwe raises concerns about ensuring that the proceeds from these deals benefit the wider population rather than a select few.

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