EXCLUSIVE: Meet successful oil block bidders – seven-months-old firm, ex-student leader, ‘Baba Ijebu’, Abuja businesswoman…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) unveiled on Wednesday the winners of onshore and deep offshore oil blocks in the 2022/2023 Mini Bid Round and the 2024 Licensing Round. The results were announced at the commercial bid conference held in Lagos.

The last time the country awarded oil blocks through a bid round was in April 2007.

The mini-bid round, which was announced in December 2022, was described as “an opportunity to spur new exploration and drilling activities in the prospective deep waters offshore Nigeria”, while the 2024 licensing round kicked off in seven months ago.

A total of 31 blocks, or petroleum prospecting licences (PPLs), were put on offer by the NUPRC – seven in the mini-bid round and 24 for the 2024 licensing round, but bidders only showed interest in 25. Six of the seven deep offshore (DO) blocks were awarded.

The big-name operators among the winners are TotalEnergies E&P Nigeria Limited, MRS Oil & Gas, and FIRST E&P. A subsidiary of state-owned Nigerian National Petroleum Company Limited (NNPC), NNPC E&P, bid for three blocks but got none.

In this report, Markets Reporters provides more information about the successful bidders, especially the little-known companies.

TotalEnergies E&P Nigeria Limited, a subsidiary of French energy major TotalEnergies, won PPL 2000/2001.

MRS Oil & Gas Company got PPL 303-DO. It is a subsidiary of MRS Holdings, founded by Sayyu Dantata.

First E&P Development Company Limited was awarded two blocks, PPL 2003 and PPL 2006. Its founder and CEO is Ademola Adeyemi-Bero, who was recently appointed as Nigeria’s OPEC governor and chairman of the OPEC Board of Governors.

Sifax & Royalgate Consortium

The consortium won two deep offshore blocks, PPL 300-DO and PPL 304-DO.

Taiwo Olayinka Afolabi, a business magnate and lawyer, is the founder and CEO of SIFAX Group, which he established in 1988 as a freight forwarding agency and has transformed into a major player in the maritime sector.

Oluwafemi Iyiola Alabi is the managing director/CEO of RoyalGate Group, whose journey began in 1999 with “a vision to revolutionise the food distribution industry in Nigeria”, according to its website. “In 2012, Royal Gate diversified into the petroleum market retail sector by registering Royal Gate Petrol Gas Limited. The company swiftly commenced operations with the construction of gas stations, including a state-of-the-art facility along Ayetoro Road, Abeokuta,” it said.

Oceangate Engineering Oil and Gas

The company was awarded two assets: PPL 302-DO and PPL 3007. It announced in October that it had partnered with Global Petroleum Group to develop oil and gas reserves in the Caribbean island of Grenada.

Its CEO Aisha Achimugu, an Abuja-based businesswoman, was in the spotlight earlier in the year when she celebrated her 50th birthday party in Grenada. The seven-day event was graced by many Nigerian personalities and public office holders, including Lagos State Governor Babajide Sanwo-Olu.

Her late husband, Sulaiman Achimugu, was a former managing director of Pipelines and Products Marketing Company, a subsidiary of NNPC. He passed on in 2020 after contracting coronavirus.

Panout Oil & Gas Limited

The company won two oil blocks, PPL 300/301CS and PPL 3015. Data from the Corporate Affairs Commission (CAC) showed that it was registered on May 6, 2024, with the number 7480152.

Dewayles International Limited

The company was awarded PPL 2004. Founded and chaired by Victor Egukawhore, Dewayles is a fully indigenous company incorporated to promote international Maritime standards and practices in Nigeria and the West African Marine Industry, according to its website. It was registered on March 25, 1997.

Hakilat Oil and Gas Consortium

The company clinched two oil blocks, PPL 305-DO and PPL 3016. It was registered on January 30, 2023, with the number 2025038, according to CAC. Abubakar Abdulbasir is person with significant control, according to B2BHint.com. He is the CEO of Abjar Agricultural Processing Nigeria Limited.

Petroli Energy Marketing & Supply Limited

The company won PPL 269.

Established in 2015, Petroli Energy Marketing & Supply is the Lagos-based Nigerian local subsidiary of Petroli Energy (BVI) Limited, according to its website. It is chaired by Emeka Okpuzor, who was previously director of trades for Plus Petroleum, a downstream petroleum company.

Biswal Oil and Gas Limited

The company won PPL 306-DO and PPL 2002. It was registered on July 16, 2021 with number 1818616, according to CAC.

Sahara Deepwater Resource Limited

The company won two blocks, PPL 270 and PPL 271. CAC data showed that it was registered on January 25, 2023, with the number 2023121. Persons with significant control areTemitope Shonubi and Adedeji Odunsi, who founded Sahara Energy Resource Limited with Tonye Cole in 1996.   

Broron Energy Limited

The company won PPL 2009.

Broron Oil & Gas is an indigenous oil and gas servicing company based in Lagos, providing a full range of subsea services, according to its website. It was founded in 2002 by Henry Ojogho, who is the CEO.

Applefield Oil and Gas Limited

The company was awarded two assets – PPL 2005 and PPL 3017. It was registered on October 26, 2023, with the number 7195726, according to CAC data, Edwards Osunlalu Olalekan Smart is person with significant control, according to B2BHint.com. He is a former Senate president of the National Association of Nigerian Students.

According to its website, Applefield was “incorporated as a limited liability company in Nigeria in 2015 to carry on the business of drilling support for the oil and gas industry; environmental management; marine logistics and support; and project management”.

Tulcan Energy E&P Company Limited

The company won two assets: PPL 2008 and PPL 3012.

‘Tayo Adeyemi Adiatu is the group CEO and co-founder of Tulcan Energy Resources Limited, which started operations in 2011 as a downstream player.

R28 Holdings Limited

The company got two licences, PPL 2007 and PPL 3011.

Established in 2007, R28 is a consolidated and diversified private investment holding company with strategic business interest in various sectors of the Nigerian economy, according to its website.

Its group president and CEO is Adebisi Adebutu, son of billionaire Kessington Adebukola Adebutu, who founded gaming company Premier Lotto Limited and is popularly known as ‘Baba Ijebu’. They are both shareholders of R28, according to B2BHint.com.