Investment
NUPRC Sets to Attract More Investors, Begins 2022 Mini-bid Round
As part of its efforts at wooing more foreign investors into the country’s oil industry, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of its 2022 mini-bid round.
A press statement signed by NUPRC Chief Executive Officer, Gbenga Komolafe and dated January 10, a copy of which was published on the agency’s site, described the Mini-bid Round as a way of ensuring new exploration and drilling activities in the deep waters of the country.
The CEO said that the exercise would present seven blocks on offer.
According to the provisions of the Petroleum Industry Act, the 2022 Petroleum Licensing Round Regulations, and other relevant laws, the agency is expected to manage the mini-bid round process to facilitate more investment in the industry.
Komolafe assured that the mini-bid round would be transparent and competitive, stressing that the agency would organise a market-driven programme that would follow a procurement process acceptable and designed to attract competent third-party investors from across the globe.
The statement further showed that the seven blocks on offer are located within the Gulf of Guinea, offshore Nigeria at approximately 150km South-East of Lagos Port ranging from 1000 meters to 2000 meters in water depth.
Blocks PPL-300-DO, PPL-301-DO, and PPL-302-DO are located in the Nigerian Transform Margin area. Blocks PPL-303-DO, PPL-304-DO, PPL-305-DO, and PPL-306-DO are within the deep-water Niger Delta Basin.