Oil & Gas

Petroleum Ministry Rejects Report Claiming “Irregularities” In Oil Lease Renewal

207

The Ministry of Petroleum Resources has just issued a strongly worded statement in reaction to recent media reports claiming that, the House of Representatives on Thursday, 24th January, 2019 said it would investigate the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, over alleged irregularities in the ongoing oil and gas lease renewal.

The report further stated that the House would also probe the involvement of the Department of Petroleum Resources (DPR) on the same matter.

The ministry said the process was transparent and followed due process.

” It would be of essence to note that the early lease renewal programme is a process ingeniously developed to expand and speed up earning potential from the renewal programme for the Federal Government and to also create security of title to leaseholders so as to allow them continue the massive investments needed to improve production from their fields, said the ministry in a statement.

” The Ministry of Petroleum Resources would like to affirm most definitely that there are no irregularities associated with any lease renewal undertaken by the Ministry of Petroleum Resources and particular, the Department of Petroleum Resources.

” The process would start with an application from a lease holder, an evaluation from Department of Petroleum Resources, followed by a review by the Honourable Minister of State, Petroleum Resources and culminating in a recommendation to the President for final approval.

Based on the report, the Minister of State and the DPR await the advertised invitation from the House of Representatives, and as always, would respond to clarify any misunderstandings the House may have on the renewed leases as part of the normal oversight functions of the Assembly, the ministry further stated

” We would like to state that the Minister of State and DPR are proud of the enormous work done on early renewals, the unprecedented revenue raised under the programme, and the effect it has had on investment. The Ministry would also use this opportunity to clarify that the early renewal programme applies only to renewal of existing leases and does not involve issuance of any new licenses for oil fields.

Leave a comment

Related Articles

Reduction of petrol pump price: It’s bush telegraph, says NNPCL’s spokesman, Soneye

The Nigerian National Petroleum Company Limited (NNPCL) has denied reports making the...

Transparency, Research, Innovation Driving NNPC Ltd.’s Transformation – EVP Gas, Power, & New Energy

The Executive Vice President, Gas, Power, and New Energy of the Nigerian...

NNPC Ltd. will use gas to trigger Nigeria’s industrialization, economic development – EVP Upstream, Eyesan

The Nigerian National Petroleum Company (NNPC) Ltd. has reiterated its commitment to...

Kyari calls for differentiated energy transition for Africa

As global calls for transition to cleaner energy fuels continue to grow,...

Tinubu signs three executive orders to incentivize nation’s oil and gas projects

President Bola Tinubu has signed three new executive orders in the oil...

Tantita, NSCDC, destroy illegal large oil store in riverine area of Ondo State

The Nigerian Security and Civil Defence Corps (NSCDC) and Tantita Security Services...

NNPC Ltd, OPEC pledge collaboration to attract investments, grow production

The Nigerian National Petroleum Company Limited (NNPCL) and the Organization of the...

Port Harcourt refinery to start producing 2.2m litres of diesel, petrol daily soon – FG

The Federal Government has announced that the Port-Harcourt Refinery is gearing up...

NNPCL GCEO Kyari Hinges Wealth Creation on Energy Security

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited...

Nigeria’s oil exports rose by 60.8% in Q3 of 2023 – OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that oil exports...

NNPCL, CBN partner for seamless banking operations

In their bid to foster transparency and seamless commercial operations, the Nigerian...

NNPCL hits another milestone with 14,000 bpd production from Akpo West Field

The Nigerian National Petroleum Company Limited (NNPCL) has commenced oil production from...

Queues at Abuja filling stations a local problem, will vanish soon, says NNPC GMD

Petrol queues in Lagos: NNPCL allays fear of scarcity, blames queues on resolved distribution issue

The Nigerian National Petroleum Company Limited (NNPCL) says the long queues in...

Climate Change: NNPCL partners U.S. govt, Deloitte to reduce greenhouse gas emissions from OML 34

Africa’s biggest oil company, the Nigerian National Petroleum Company Limited (NNPCL), is...

Resolve litigation on $1.3bn Malabu OML 245 deal, Pres. Tinubu orders AGF, Lokpobiri, others

President Bola Tinubu has given a marshing order to the Attorney-General of...

Bouyed by Pres. Tinubu’s economic policies, NNPC Ltd. woos South Korean investors for gas projects

Driven by the need to expand the scope of its Liquified Natural...

FG expedites talks with Morocco on Nigeria-Morocco gas pipeline project

Nigeria and the Kingdom of Morocco are intensifying discussions to fast-track the...

NNPCL records 214 oil theft cases in one week in Niger Delta

The Nigerian National Petroleum Company Ltd. (NNPCL) says it has recorded at...