Browsing: Funsho Kupolokun

12 July 2016, Lagos – Citing the experience of Saudi Aramco where Khalid Al-Falih was Chief Executive Officer for eight years…

According to Babalola, in 2005 bid round – 65% indigenous and 35% foreign oil firms participated; in 2006 bid round – 40% indigenous and 60% foreign oil firms participated; and in 2007 bid round – 85% indigenous and 15% foreign oil firms took part in the exercise.

The Hon. Gideon Gwani-led ad hoc Committee faulted the Department of Petroleum Resources (DPR) for jettisoning due process by awarding some licences and leases far less than approved prices. Also, the committee said documents at its disposal show that DPR abused relinquishment of licence and leases by operating companies.