The Nigeria Upstream Petroleum Regulation Commission has assured stakeholders in the Oil and Gas sector, that the 2022/2023 mini-bid licensing round for ‘Deep Offshore Open Blocks’ will be done in a transparent and open manner aligning with global standards.

Engr. Gbenga Komolafe the Chief Executive Officer of the NUPRC disclosed this at a roadshow on the proposed bids in Lagos.

He commended President Muhammadu Buhari, GCFR for signing the Petroleum Industry Act, PIA into law and approving the mini-bid rounds for the ‘Deep Offshore Blocks’ for the first time in fifteen(15) years.

According to him the process will increase the national oil and gas reserves and production in the country and provide opportunities for gas expansion.

The NUPRC boss said in pursuant of the PIA the commission has issued a licensing bid for seven(7) deep offshore open blocks, which include: EPL 300,  EPL 301, EPL 302, EPL 303, EPL 304, EPL 305 and EPL 306. He noted that the seven deep offshore open blocks covering an area of 6,700km and water depth of 1,150-3,000m are on offer.

He added that the exercise is the first of mini-bid licensing rounds designed to develop Nigeria’s prospective petroleum basins.

“The bid rounds are in context within our enhanced legal and regulatory framework, that seeks to encourage investments in the next phase of oil and gas exploration in Nigeria”.  

Speaking further he said the pre-bid conference was a clarion call to technically and financially capable foreign investors, to invest and take advantage of the generous fiscal regimes in the Nigerian Upstream petroleum sector.

He said the mini-bid round was market-driven and poised to outperform the 2007 licensing round, which put on offer a total of 45 deep offshore blocks under a different regime of the petroleum act 1969.