NUPRC: Seven Deep Offshore Mini-bid Winners to Be Announced in Next Four Months •Dismisses fears of political interference •Wood Mackenzie to oversee process Emmanuel Addeh in Abuja, Peter Uzoho and Sunday Ehigiator in Lag
Emmanuel Addeh in Abuja, Peter Uzoho and Sunday Ehigiator in Lagos
The theme of the conference was: “Growing Upstream Investment in Nigeria through Licensing Round: The Bid Process and Opportunities.” According to him, the bid rounds are within the context of NUPRC’s enhanced legal and regulatory frameworks, as enshrined in Section 73 of the PIA, that seek to encourage new investors and investments into the next phase of oil and gas exploration in Nigeria.
“The blocks on offer have extensive 2D and 3D seismic data coverage, including multi-beam and analogue data. Additionally, a 3D MegaSurveyPlus reprocessed Pre-stack Time Migration of remarkable quality is also available to prospective bidders,” Komolafe stated. “Furthermore, the mini bid exercise has been designed to attract competent investors from across the world, both local and foreign, that have the capability and competence in operating in deep water environments,” he stated.
“In addition, the mini-bid round presents us with the opportunity to reinforce Nigeria’s commitment to openness and transparency in line with the principles of the Extractive Industry Transparency Initiative ,” the NUPRC stated. “As a regulatory commission, we have taken deliberate steps in this regard, including the recent issuance of guidelines for the management of fugitive methane and greenhouse gases emissions in the upstream oil and gas operations in Nigeria during the COP27 in Egypt in a manner that attracted wide international commendation for Nigeria.
Sylva, who was represented by the Permanent Secretary at the Ministry of Petroleum Resources, Mr. Gabriel Aduda, noted that one of the key mandates of the ministry was to grow the crude oil reserves from the current 37 billion barrels of oil to 40 billion barrels of oil by 2025.
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