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FG increases number of oil blocks for 2024 bid round
The federal government has increased the number of oil blocks on offer in the 2024 marginal bid round.
Gbenga Komolafe, chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), spoke on Tuesday at the pre-bid conference for the 2024 licencing round in Lagos.
On May 8, NUPRC invited investors to bid for 12 oil blocks and seven deep offshore assets in the 2024 marginal bid round.
In addition to the previously disclosed 12 oil blocks available in the bid round, Komolafe said the nation has placed more oil blocks for sale.
He said this follows the acquisition of more geological data, which resulted in the discovery of more prospective blocks — a feat achieved in partnership with multi-client partners.
Komolafe said details of the newly identified oil blocks “would be made available on the portal”.
“The newly identified blocks will be added to the pool of blocks originally scheduled for the bid exercise and their details will be made available on the bid round portal,” he said.
“In addition to these blocks, the seven deep offshore blocks from the 2022 mini-bid round exercise which cover an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m shall also be concluded along with this licensing round.”
Komolafe expressed the commission’s determination to carry out the bid round in a transparent manner in line with section 76 (1) of the Petroleum Industry Act (PIA).
He said each bloc was picked for its potential to strengthen the nation’s reserve and economic posterity, adding that as of April, Nigeria’s oil reserve stood at 37.5 billion barrels of oil, while gas reserve was 209 trillion cubic feet (tcf).
“We are not just a regulator, but a business enabler. This bid round will enable us an unprecedented opportunity to unlock Nigeria’s vast hydrocarbon potential, attract investment and propel our nation towards greater economic prosperity and shared prosperity,” Komolafe said.
The CEO called on investors to trust their investments in the Nigerian oil sector because it is cheaper for them to conduct exploration and production of oil in the country due to the depth of the oil wells.
“In the past the award of oil blocks culminated to the non-development of over 90 per cent of marginal fields, thus denying the federal government of reaping the intended benefits because such awards were not based on technical and financial considerations,” he said.
Going forward into the 2024 oil bid round, Komolafe said only investors with sufficient financial and technical capacity would be given consideration.
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TALL Forcast: 2025 Budget will bring down inflation to 15%, dollar to N1,500-Tinubu
President Bola Tinubu has said that the 2025 budget forecasts that inflation will decline from current 34.6% to 15% next year.
He said this during his presentation of the N47.9 trillion 2025 budget proposal to a joint session of the National Assembly on Wednesday.
The President also said that the exchange rate will improve from approximately N1,700 per dollar to N1,500.
According to Tinubu, “this is an ambitious but necessary budget to secure our future.”
“The Budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day,”Tinubu said.
He said the budget projections are based upon observations such as reduction of petroleum products importation, increased export of finished petroleum products, bumper harvest driven by enhanced security, reducing reliance on food imports, among others.
Tinubu listed highlights of the budget to include defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
Nigerians are grappling with economic hardship following incessant increase in inflation and volatile exchange rate that has seen dollar exchange as high as N1,700 in recent days.
On Monday, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024.
The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.
“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the Bureau said.
Significantly, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).
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Finally, PDP Flushes Out Suspended National Vice Chairman, Ali Odefa
The Peoples Democratic Party (PDP) Oguduokwor Ward in Onicha Local Government Area of Ebonyi State has formally announced the expulsion of the suspended National Vice Chairman (NVC) of the party in the Southeast, Mr. Ali Odefa from the party.
Ali Odefa was suspended from the party on September 11, 2024 by the Ward Executives of the party for his engagement in various anti party activities. The Federal High Court sitting in Abakaliki while ruling on suit NO: FHC/AI/CS/182/2024 further affirmed the suspension on November 29, 2024.
Announcing the expulsion of Mr. Odefa at a well- attended press conference on Wednesday, the Acting Chairman of the PDP Oguduokwor, Hon. Onyedikachi Herbert Ovuta flanked by other Ward Executives stated that the expulsion of the erstwhile NVC follows the recommendation of the Party’s disciplinary committee that affirmed the allegations of anti-party activities leveled.
According to the party chairman, “The expulsion of Chief Ali Odefa follows the report, findings and recommendations of the Ward Disciplinary Committee of the party which is in line with the provisions of the party constitution.”
The party announced that Mr. Ali Odefa by the virtue of his suspension, therefore “ceases to be a member of the party.”
The party’s statement reads in part:
“The Peoples Democratic Party (PDP), Oguduokowor Ward, Onicha Local Government Area of Ebonyi State hereby announce the expulsion of Chief Ali Odefa, the suspended National Vice Chairman of the PDP, South East Zone from the party which takes immediate effect.
“The expulsion of Chief Ali Odefa follows the report, findings and recommendations of the Ward Disciplinary Committee of the party which is in line with the provisions of the party constitution.
“Recall that Chief Ali Odefa was suspended from the party by the Ward leadership on 11th September 2024.
“Consequent upon the judgement of the Federal High Court Abakaliki in suit number FHC/AI/CS/182/2024 which affirmed the suspension of Chief Ali Odefa, the Disciplinary Committee of PDP Oguduokwor Ward after their sittings on the above subject matter unanimously recommended that Chief Ali Odefa the Suspended PDP National Vice Chairman South East Zone be expelled from the party.
“The Executive Committee of PDP Oguduokwor Ward on 11th December 2024 after receiving the report, findings and recommendations of the Disciplinary Committee of PDP Oguduokwor Ward unanimously approved the expulsion of Chief Ali Odefa from the party which is compliance to section 58(1) and section 59(1) of the PDP constitution.
“Henceforth Chief Ali Odefa, seizes to be a member of our party the Peoples Democratic Party (PDP)
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