Indications have emerged that the Department of Petroleum Resources (DPR) has renewed 25 oil block licenses as the government earned $1 billion through the process. Although the process is believed to be long awaited by stakeholders, DPR has finally met the yearnings of block owners.
The regulatory agency has granted approval for 16 new fields’ development plans with capacity to increase the country’s oil and gas production by 560,463 barrels per day when fully commissioned. Some of the oil blocks that got DPR’s renewal nod were those that belong to International Oil Companies (IOC) and some indigenous oil companies as well.
DPR further renewed 19 expired leases in 2017 to enhance upstream investment influx and accelerate oil and gas reserves and production growth.
The regulatory agency issued 10 new licenses for the development of gas production and processing facilities. This gesture from the federal government will boost fertilizer plants in the country.