vimarsana.com

வாயு ப்ரொட்யூஸிஂக் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

RE: SYLVA, ADDAX LICENCE AND FAIRY TALES

I am one of those that strongly condemned the action of the minister of state for Petroleum resources, Timipre Sylva on grounds stated below. One, the minister cannot arbitrarily revoke or renew an Oil Prospecting or Mining License OPL/OML. Two, the minister does not have discretionary power to award or allocate a revoked OPL/OML3.The minister should put the interest of the nation first above the interest of any individual or company. Marginal fields allocation list approved by the President is questionable. The contractor/operator signed a Joint Venture (JV) or Production Sharing Contract (PSC) agreement with NNPC not DPR. DPR can only revoke or renew a JV or PSC agreement on recommendation from NNPC. This process was neglected by the minister. If for the above reason the license is revoked, the Blocks OPL/OML shall go for competitive bidding to determine its true value. It’s economic sabotage to assign a block free without competitive bids especially Oil and Gas Producing Block.

© 2025 Vimarsana

vimarsana © 2020. All Rights Reserved.