May 21, 2024
UPSTREAM: NUPRC offers 7 offshore oil blocks to investors in Nigeria’s mini-bid round
Middle East: Oil demand remains low despite the ease in COVID-19 lockdown
– By Godswill Odiong

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By Eyo Nsima
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has presented seven deep offshore oil blocks to investors in Abuja.

Presenting the offshore oil blocks, the Commission Chief Executive, Engr. Gbenga Komolafe, the exercise was targeted at spurring new exploration and drilling activities offshore Nigeria.

He said: “The Mini Bid Round will be managed by the NUPRC, in line with the provisions of the PIA, as the statutory body responsible for ensuring compliance with petroleum laws, regulations, and guidelines in the Nigerian upstream petroleum industry.

“The National Data Repository (NDR) of NUPRC and our multi-client partners are delighted and ready to support the Mini Bid Round underpinned by high-quality datasets. The blocks have extensive 2D and 3D seismic data coverage, including multi-beam and analog 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”.

He also said that “the Mini Bid Round will follow a transparent and competitive procurement process designed to attract competent third-party investors from across the world that has the capability and proficiency in operating in deep-water environments.

“Historically, this Mini Bid Round intends to build on the successes of the last bid round that was held in April 2007 during which a total of forty-five (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 attendant revenue which made the exercise a success.

“In this year’s Mini Bid Round, seven Offshore blocks covering an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m is put on offer.”
He said: “This is something we are very proud about. We have been able to incorporate 63 trusts. It is a prescription of the PIA that we should implement the host community provisions of the PIA which includes the incorporation of trusts. These trusts have been set up and the process of implementation basically involves the Settlor and host community incorporating the trust under the monitoring of the Commission as the regulator.

“The trusts are live and running, and the next stage is for the Settlors (the operators) to begin to remit funds into these trustee accounts. The essence is for it to be used in the execution of projects that will have a positive impact in the host community environment in the overall objective of achieving peace within the host communities”.

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