How South-borne Oil and Gas, Dakoda & U, Eyre Energy won oil exploration licences in Benue South

Three companies have emerged successful bidders for petroleum prospecting licences covering parts of Benue South following the conclusion of Nigeria’s latest oil block licensing exercise, IDOMA VOICE reports.

The successful firms are Dakoda & U Limited, Eyre Energy Limited, and South-borne Oil and Gas Limited, each securing Petroleum Prospecting Licences (PPLs) in different parts of the Southern Benue Trough and the Anambra Basin.

The awards, however, remain provisional, as the companies must pay the required signature bonuses and obtain the approval of the Minister of Petroleum Resources before the licences become effective, in line with the provisions of the Petroleum Industry Act (PIA), 2021.

Dakoda & U Wins PPL 800

Dakoda & U Limited emerged as the successful bidder for Petroleum Prospecting Licence (PPL) 800, recording 64 points during the competitive bid process.

The company was the sole bidder for the block, which covers parts of Otukpo and Apa Local Government Areas within the Southern Benue Trough.

With no competing bid, Dakoda & U secured the licence after meeting the technical and commercial evaluation requirements.

Eyre Energy Secures PPL 801

For PPL 801, Eyre Energy Limited also emerged victorious after scoring 61 points.

Like Dakoda & U, Eyre Energy was the only company that submitted a bid for the block, which is also located within the Southern Benue Trough.

The award gives the company exclusive rights to proceed with petroleum prospecting activities in the designated area, subject to regulatory approvals.

South-borne Oil and Gas Beats Rival for PPL 902

Unlike the two Southern Benue Trough blocks, PPL 902 attracted competition from two companies.

The block, located within the Anambra Basin with its surface footprint in Opialu, Okpokwu Local Government Area of Benue State, was contested by South-borne Oil and Gas Limited and Lanaka Petroleum Resources.

Following the evaluation process, South-borne Oil and Gas Limited emerged the winner with an impressive 93 points, comfortably defeating Lanaka Petroleum Resources, which scored 56 points.

The high score secured South-borne Oil and Gas the provisional award for the exploration block.

Strategic Importance for Benue South

The allocation of the three petroleum prospecting licences marks another significant step in Nigeria’s efforts to unlock hydrocarbon resources within the Benue Trough and the Anambra Basin, areas long identified as possessing oil and gas potential.

The successful bids cover strategic locations across Benue South:

PPL 800: Dakoda & U Limited – parts of Otukpo and Apa LGAs (Southern Benue Trough).
PPL 801: Eyre Energy Limited – Southern Benue Trough.
PPL 902: South-borne Oil and Gas Limited – Okpokwu LGA (Anambra Basin).

The development is expected to stimulate further geological exploration, attract investment, create employment opportunities, and potentially position Benue South as an emerging player in Nigeria’s oil and gas industry if commercially viable hydrocarbon deposits are confirmed.

Final Approval Still Pending

Despite emerging as successful bidders, the companies have not yet received their final licences.

Under the Petroleum Industry Act (PIA), 2021, the provisional awardees must first:

Pay the prescribed signature bonus for their respective blocks.
Fulfil all regulatory obligations.

Obtain the formal approval of the Minister of Petroleum Resources.

Only after these conditions are met will the Petroleum Prospecting Licences become effective, allowing the companies to commence full exploration activities.