Fifteen years after it last put up about 45 deep offshore assets for public bidding, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), yesterday announced that the process to invite Nigerian and foreign oil industry players to apply for seven more facilities had begun.

The offshore blocks will be offering assets covering an area of about 6,700 km2 in water depths ranging from 1,150 m to 3,100 m in this year’s mini-bid round, according to the Commission’s Chief Executive, Mr Gbenga Komolafe, who spoke at a press conference to formally launch the process.

He said that if the mini-bid round is successful, all stakeholders will benefit from the nation’s resources while paying particular attention to overall Environmental, Social, and Governance (ESG) issues and the reduction of carbon emissions.

Instead of off the coast of the Niger Delta further east, where the majority of the nation’s oil sector is concentrated, the offshore assets are said to be situated near the city of Lagos. The decision to put the properties up for sale was made months after the NUPRC finished selling 57 marginal fields as part of a procedure to boost the nation’s oil production efforts.

A dedicated programme portal (br.nuprc.gov.ng) for the mini bid round had been published by NUPRC, providing details of the bid round process, including the registration and prequalification requirements, and detailed guidelines for applicants.

On January 16, 2023, there will be a pre-bid conference to give potential applicants the chance to learn more about the round’s requirements and process. Following the conference, interested organisations will be requested to submit their pre-qualification applications by January 31, 2023.

“NUPRC will continue to provide further details and roadmap for this international competitive mini bid round in due course,” he said.

The bid round, he emphasised, is the first of a series that will be organised in compliance with the Petroleum Industry Act of 2021 (PIA), which has improved legal and regulatory frameworks that aim to attract new investors and investments into the region’s upcoming phase of exploration.