Energy Group Backs BelemaOil For Acquisition Of More Oil Assets, OML 11 & 25

Partners for Petroleum and Energy Sector Prosperity Initiative, (P-PESPI) a new advocacy group for the Petroleum and Energy sector, has throw her weight behind BelemaOil producing Company for its drive to acquires more Oil Assets in OML 11 & 25. in the next bidding round.

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In a press release signed by Lord Charles Ibiang, Chairman, P-PESPI and made available to our correspondence in Abuja on Monday,  he called on the Federal Government  that as a strategy of reducing conflicts in Oil bearing host communities in Niger Delta and Oil and gas infrastructure/ pipeline Vandalism, is by allowing indigenous upstream Oil Companies take over or acquired Oil Assets of the divestment programme of multi nationals&NNPC Marginal field programme in various Host communities, were these Companies have good will and Comparative advantage over community relations& security issues as long as they posses the requisite Experience, Competence, Technical and Financial Capabilities.

P-PESPI therefore urge SHELL not to seek Renewal of OML 11 and 25 licenses but allow BELEMAOIL to acquire and take over them. We believe it will reduce friction and increase production for Govt. Our observation is that indigenous Oil Producers Coy take care of their Host communities better that multi Nationals because they understand realities and peculiarities on ground in those Communities.

“We advocate that, future Allocation of Oil leases, particularly in 2019, when most or about 47 Oil block Leases would have Expired and subsequent Renewal processes commences, Our model should be put into consideration even as we call for an Open and Transparent bidding Round.

“Indigenous upstream Companies and Marginal fields Operators that have show serious and Capacity like BelemaOil, Seplat, etc should be given opportunity for more Assets to decrease their Exposure to Risk through huge Production and Economy of Scale.

“Nigerians must begin to play major Roles both on the Onshore and deep offshore upstream sector of the petroleum Industry

“Oil Mining Lease 11 lies in the south eastern Niger delta and contains 33 Oil &Gas fields of which eight are producing as per 2017.

OML 25 lies 50 kilometers south west of Port Harcourt in the onshore eastern delta and part of Shell/NNPC JV. The block is located on the coastal mangrove swamp and extends lightly offshore. Its intersected by the Santa Barbara and San Bartholomew Rivers.

Lord Charles Ibiang, was a former Oil Company Worker, Energy Activist and a Delegate at the 2014 National Conference and served in the famous Energy Committee.Presently is the Chairman, Partner for Petroleum and Energy Sector Prosperity Initiative, a new advocacy group for the Petroleum and Energy Sector.

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