14 companies bid for OML 119 redevelopment financing

Tribune Online
14 companies bid for OML 119 redevelopment financing

In furtherance of the transparency agenda of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, the corporation has publicly opened bids from 14 companies for the financing and redevelopment of Oil Mining Lease (OML) 119.

OML 119 is operated by the Upstream subsidiary of the corporation, the Nigerian Petroleum Development Company Limited (NPDC).

Speaking at the public opening of bids for the Funding and Technical Services Entity (FTSE) which held Friday in Abuja, the GMD said OML 119 was one of the corporation’s critical projects which aligns wholly with the Federal Government’s aspirations of boosting crude oil and gas production, growing reserves, and monetizing the nation’s enormous gas resources.

ALSO READ: Court remands Sarumi Babafemi over N207.1m money laundering

The GMD who was represented by the Chief Operating Officer, Corporate Services, Engr. Faruk Sa’id, stated that the selection process for the potential FTSE was transparent and in strict compliance with extant laws and overriding national interest, adding that it was also in tandem with the Economic Recovery and Growth Plan (ERGP) and the TAPE agenda of the NNPC.

In his remarks, the Group General Manager, Supply Chain Management, Mr Abdulhamid Aliyu, assured the companies that the selection process would remain transparent and fair.

OML 119 is a twin offshore block made up of Okono and Okpoho Fields located approximately 50 kilometres offshore south-eastern Niger Delta.

14 companies bid for OML 119 redevelopment financing
Tribune Online