The Nigerian Upstream Petroleum Regulatory Commission says international oil companies have proposed transferring 26 oil blocks to local firms.
The workshop was organised to provide direction and assess the thoroughness and scrutiny regarding adherence to the laws and procedures governing the planned divestment of oil and gas assets.In his remarks, Komolafe said the blocks have an approximate total reserve of 8.211 million barrels of oil, 2,699 million barrels of condensate, 44,110 billion cubic feet of associated gas and 46,604 billion cubic feet of non-associated gas.
“They will also manage the operational risk across the entire asset portfolio, create a workflow for estimating total onshore decommissioning capital expenditure liabilities,” he said.
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