OPL 245 – The Most Popular Oil Block – Reuben Abati

The Petroleum Act 1969 (as amended) grants powers to the Ministry of Petroleum, acting through the Department of Petroleum Resources (DPR) to administer the licensing of oil blocks in the country. These include Oil Prospecting Licence (OPL), Oil Mining Licence (OML) and Oil Exploration Licence (OEL), which allow the awardees, local and foreign, to explore for and develop oil and gas resources within the country. So far, there are 65 OPLs and 99 OMLs. The last round of licensing bids was conducted in 2007. Of the existing awarded oil blocks and marginal fields, the most controversial and the best known is OPL 245, which owes its fame specifically to the allegation of a missing $1.3 billion due to the Federal Government in what is known as the Malabu oil deal.

The Petroleum Act 1969 (as amended) grants powers to the Ministry of Petroleum, acting through the Department of Petroleum Resources (DPR) to administer the licensing of oil blocks in the country. These include Oil Prospecting Licence (OPL), Oil Mining Licence (OML) and Oil Exploration Licence (OEL), which allow the awardees, local and foreign, to explore for and develop oil and gas resources within the country. So far, there are 65 OPLs and 99 OMLs. The last round of licensing bids was conducted in 2007. Of the existing awarded oil blocks and marginal fields, the most controversial and the best known is OPL 245, which owes its fame specifically to the allegation of a missing $1.3 billion due to the Federal Government in what is known as the Malabu oil deal.

Be the first to comment

Leave a Reply

Your email address will not be published.


*