The Lucrative oil and gas industry of Nigeria has produced such industry heavyweights as African Petroleum Plc, Oando Group, and Capital Oil Plc etc. The Government of Nigeria Being reliant on revenue accruable from the Sector has made it compulsory for all participants in the oil exploration sub-sector of our economy to ensure that obtaining an OIL EXPLORATION LICENSE from DPR is mandatory for all stakeholders.

Below is a step by step guide a Consultant must trail in order to secure the license for an Investor in the sector.

The Investment company must indicate an interest to participate in the Oil and gas downstream sector of Nigeria on their Letterhead paper addressed to the Minister of Petroleum Resources. The Letter must state unequivocally the indispensable technical knowledge and experience the company has to offer to Nigeria, as well as sufficient financial muscle to survive the competitive Oil exploration industry.
The Consultant will have to make all requisite payments either through the department’s portal or generate a payee ID and make payment at any designated bank in Nigeria preferably in Abuja where the Departments office is located
After completion of payment, the consultant must request and obtain from the Company the following documents
Company registration credentials from Corporate affairs commission (CAC)
Profile of directors
Bank statement
Partnering organization or firm in exploration
Proof of technical know-how from previous work in oil exploration
location of the company
Telephone contact, Email address and website of the company.
Website of the business, Mission, and objectives of the organization, Etc. proof of payment of registration. The application will then be submitted to the department of petroleum resource Registration department.
A received copy of the filed application form must be taken to the Federal Ministry of Petroleum Resources. The Department in charge of receiving the applications on behalf of the Minister is the Department of registration for exploring oil centre. The application must be accompanied with the corporate affairs commission documents of the company which will aid the verification officer at the Ministry to ascertain the details of the company with regards to its Directorship and shareholding structure as well as to ascertain the financial strength of the Company. Specifics of the referees of the proposed Oil Exploration Company are an indispensible requirement that must be furnished to the Ministry for verification. It must state that the referee has a valid license, an insurance certificate, a proof that the Persons portrayed as the owners are indeed the shareholder of the guaranteeing Company. Once the verification officer has established the fact that all details supplied are indisputable, it will be uploaded into the database of the Ministry.
Once the Company’s information has been captured and uploaded into the Ministry’s record, a provisional slip will be issued as a prima facie evidence of registration. It is important to note that even after a temporary slip has been issued, the Board of the Ministry still has a statutory mandate to deliberate whether or not to give a final approval or deny the application, which infrequently occurs.
After securing the Boards approval, the Company’s file will be taken to the Minister of petroleum resources who will have to rectify the decision(s) of the Board so that there will be a compromise between both power bloc’s. The next step will be for the Minister to mandate DPR through an office Memo to issue a License to the Licensee for oil exploration. Please note that after the license is ready for collection, an SMS or phone call will be sent to the Company’s representative for collection at the Federal Ministry of Petroleum Resources.
Culled from: www.ibechidoassociates.com

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