The Nigerian government has launched bidding for seven deep offshore oil blocks as it calls on investors globally to bid for marked oil blocks.
Recall that in October, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, during an interview with Bloomberg announced that the government plans to auction deep offshore oil and gas licences for the first time in 15 years.
Komolafe had said that the Nigerian government would launch a bidding round for the seven deep-water oil blocks in November.
According to him, the blocks available are at depths of between about 1,200 meters (3,936 feet) and 3,100 metres; saying that they are located off the city of Lagos, rather than off the coast of the Niger Delta further to the east where most of the country’s oil industry is concentrated.
On Wednesday, Komolafe, during a press briefing in Abuja announced that the government has put up the seven deep-water oil blocks for offer, saying that this is the first time a bid for a deep offshore asset is holding after the Petroleum Industry Act (PIA) 2021 and since April 2007 when 45 blocks were offered but under the defunct regulation.
Komolafe added that a pre-bid conference will be held on January 16, 2023, and prospective investors are expected to submit bids for the blocks on or before January 31, 2023.