The federal government has announced the outright sale of 14 out of the 42 oil block held by some international and indigenous operators which will expire this year. The outright sale instead of licences renewal is expected to boost government revenue.Thirty-five Oil Mining Leases and seven Oil Prospecting Licenses will expire at different times this year, with most of them falling due for renewal in June.
LIST OF OIL BLOCK (OML & OPL) AVAILABLE FOR OUTRIGHT SALE *
*OML FOR SALE WITH PRICES:*
▪OML 104 @ $3.5 bn.
▪OML 115 @ $5.5 bn.
▪OML 122 @ $4bn.
▪OML 62 @ $5.5bn
▪OML 135 @ $4bn.
▪OML 44 @ $5.5bn.
▪OML 59 @ $4bn.
▪OML 18 @ $4bn.
▪ONL 88 @ $5bn.
▪OML 4 @ $6 bn.
*OPL FOR SALE WITH PRICES *
▪OPL 320 @ $10bn.
▪OPL 325 @ $5 bn.
▪OPL 233 40% stake $3bn.
▪OPL 326 @ $6 bn.
*FEDERAL GOVERNMENT PROCEDURE FOR ACQUIRING OIL BLOCK IN NIGERIA 🇳🇬*
✔STEP 1
*Investors issue LOI/EOL, company profile and POF (proof of funds) to company of owners of oil block. Company of the owners of the oil block issues soft executive summary for buyer to do his verification of oil block at Nnpc*
✔STEP 2
*After verification is done and buyer is satisfied then buyer/investor makes a payment of $60m royalty to federal government through the oil and gas company authorised to sell the oil block to obtain an invitation to Nnpc headquarters in Abuja together with the seller to start the government approved take over which will be authorised by minister of petroleum and also the president of Nigeria*
✔STEP 3
*owners of oil block sends in return full executive summary, corporate offer, evaluation report and official invitation letter plus all other relevant documents so that investor can conduct search, do their feasibility findings, process Visa at the Embassy*
✔STEP 4
*Oil block owner scheduled meeting for Abuja with the investors and their technical crew including all facilitators once investor is satisfied, Evaluation report, 3D, physical sighting etc is deliberated upon comprehensively,……note : $ 5million all expenses will be bone by the investors for security, flight to and pro, accommodation , feeding and other miscellaneous expenses*
✔STEP 5
*Investor is free to bring in their independent foreign valuers etc.*
✔STEP 6
*After all the necessary legal, technical frame work has been taken care of , negotiation and contract documentation singing commences, facilitators fees etc then terms of Payment is executed in tranches therein till fully paid for*
