Dangote, NPDC, others look to bid for marginal oil blocks

0

The Dangote Group and the Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation (NNPC) and over 20 companies are set to bid for the nation’s marginal oil blocks as the government moves to sell them to potential buyers this year, Independent reports.

Investigations showed that Dangote, which is currently constructing a multi-billion dollar refinery in Lagos, looks forward to bidding for the marginal oil blocks in order to complement its source of crude oil supply. A source in the company, who preferred not to be named said: “As a policy, we are looking at opportunities in the upstream  segment to make great impact as well as source commercial crude oil for our refinery.”

A source in NNPC said that the corporation would explore the opportunity to increase the capacity of NPDC to play increased roles in the exploration and production of crude oil and gas. “The vision is for the company to become Nigeria’s leading E&P Company with significant global presence which explains our interest in the planned bidding,” he added.

Investigations showed that many other indigenous companies, whose officials are opposed to being listed, have started working toward bidding for the marginal oil blocks. The Director, Department of Petroleum Resources Mr. Mordecai Ladan, who did not respond to text messages yesterday, was said to be meeting frequently with the Minister of State for Petroleum, Dr. Emmanuel Kachikwu in Abuja to conclude plans for the bidding.

 

Share.

Comments are closed.

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...