Financial Energy Review
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the Mini Bid Round 2022 for new crude oil exploration and drilling activities in the offshore blocs.
Mr Gbenga Komolafe, Commission’s Chief Executive (CCE), said this at a news conference on Wednesday in Abuja.
Komolafe said that the bid round was the first in a series of bid round targeted at developing prospective petroleum basin.
He said the bid round would be held in accordance with the Petroleum Industry Act 2021 (PIA), with its enhanced legal and regulatory frameworks.
Komolafe also said that the legal and regulatory frameworks seek to encourage new investors and investments into the next phase of exploration in this region.
“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 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 (br.nuprc.gov.ng).
“Details of the bid round process, including the registration and prequalification requirements, and detailed guidelines for applicants can also be accessed from the portal,” Komolafe said.
According to Komolafe, the Mini Bid Round is a market-driven programme and will follow a transparent and competitive procurement process designed to attract competent third-party investors from across the world.
He said that the investors must have the capability and proficiency in operating in deep-water environment.
Komolafe further said that the Mini Bid Round intends to build on the successes of the last bid round that held in April 2007.
He noted that 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 during the April 2007 bid round.
“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.
“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.
“The success of the Mini Bid Round will ensure all stakeholders gain value from the country’s resources, whilst paying close attention to reduction in carbon emissions, as well as overall environmental, social and governance (ESG) considerations.
He said a pre-bid conference would hold on Jan. 16, 2023, to enable potential applicants ask questions on issues concerning the bid round process and requirements.
Komolafe said that interested companies would be invited to submit their pre-qualification applications by Jan. 31, 2023.
