FG Puts Up Seven Offshore Oil Blocks for Sale

By Adedapo Adesanya

The federal government has announced the commencement of the 2022 Mini Bid Round to spur new exploration and drilling activities in the prospective deep waters offshore Nigeria, with seven offshore oil blocks put on offer for foreign buyers.

In a statement seen by Business Post, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said this would bring investments that will usher in the next phase of exploration in this region, in accordance with the provision of the Petroleum Industry Act (PIA) 2021.

The industry regulator noted that the programme would follow a transparent and competitive procurement process designed to attract competent third-party investors from across the world that has the capability and proficiency to operate in a deepwater environment.

The last successful bid round was held in April 2007, during which a total of 45 blocks, drawn from the inland Basins of Anambra, Benue, and Chad, the Niger Delta Continental Shelf: Onshore Niger Delta and Deep Offshore were put on offer.

The 2007 bid round was held under a different regulatory regime (the Petroleum Act, 1969) and generated massive interest and participation with its attended revenue which made the exercise a success.

The statement added that the National Data Repository (NDR) of NUPRC and multi-client partners would support the Mini Bid Round underpinned by high-quality datasets. “The blocks have extensive 2D and 3D seismic data coverage, including multi-beam and analogue data. Additionally, a remarkable quality, 3D MegaSurveyPlus reprocessed Pre-stack Time Migration (completed October 2022), with angle stacks and gathers, is also available to prospective bidders. Links to all data can be accessed via the dedicated NUPRC portal,” it added.

The success of the Mini Bid Round will ensure all stakeholders gain value from the country’s resources whilst paying close attention to the reduction in carbon emissions, as well as overall environmental, social, and governance (ESG) considerations.

A pre-bid conference is scheduled for Monday, January 16, 2023, at Eko Hotels and Suites, Lagos, to provide potential applicants with an opportunity to ask questions they may have concerning the Mini Bid Round process and requirements after which interested companies will be invited to submit their pre-qualification applications by January 31, 2023.

NUPRC added that it would continue to provide further details and roadmaps for the international competitive Mini Bid Round in due course.