Natural Resources Ministry says it remains transparent on oil blocks auction and new PSA

Natural Resources Ministry says it remains transparent on oil blocks auction and new PSA

The Ministry of Natural Resources has indicated that the process is still ongoing for all oil blocks which were up for auction and said it expected that a minimum of four Production Sharing Agreements (PSAs), will be completed and signed this year.

The four blocks would be S4 to TotalEnergies, Qatar Energy, and Petronas; S5 to International Group Investment Inc.; S7 to Cybele Energy; and S10 – International Group Investment Inc.

The Ministry said it has always been transparent throughout the process and relevant information has been shared with ongoing public engagement.

“The most substantially responsive bidders have been publicly announced, and the process is currently in its final stages, with the awardees expected to be formalised soon. When the regulatory process is completed, a press event will be held to mark the signing of the PSAs, ensuring that the public remains informed throughout the process,” the Ministry explained.

Back in 2023,  the government awarded eight blocks to six bidders: TotalEnergies Consortium (with Qatar Energy and Petronas), Sispro Inc., International Group Investment Inc. and Montego Energy, Liberty Petroleum Corporation and Cybele Energy, ExxonMobil with Hess and CNOOC, and Delcorp Inc., Watad Energy, and Arabian Drillers.

Four companies—TotalEnergies Consortium, International Group Investment Inc., Cybele Energy Limited, and Delcorp Inc.—accepted the new PSA which was updated by the government with ExxonMobil and its partners yet to make their position known.

The Natural Resources Ministry said the government recognises the significant public interest in this sector and remains committed to ensuring that the development of the oil and gas industry is conducted in a manner that is both transparent and beneficial to the country as a whole.

Last week when questioned on the issue in the National Assembly, the Natural Resources Minister did not divulge the names of the four companies to accept the PSA, although he had previously revealed their names.

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