NUPRC Flags Off Mini-bid Round, Engages Stakeholders

The Nigerian Upstream Petroleum Regulatory Commission, (NUPRC), has announced the commencement of its 2022 mini-bid round, with a pre-bid stakeholders’ conference, a measure to bring interested companies up to speed with the requirements of the bid process.

The Commission’s chief executive officer, Gbenga Komolafe, who made this known yesterday, said the conference, holding in Lagos on Monday January 16, 2023, will provide potential applicants with the opportunity to ask questions on issues concerning the Mini Bid Round process as well as requirements, after which interested companies will be invited to submit their pre-qualification applications by January 31, 2023.

Komolafe indicated that NUPRC will continue to provide further details and roadmap for the exercise which is an international competitive Mini Bid Round.

He explained that the Mini Bid Round is an opportunity to spur new exploration and drilling activities in the prospective deep waters offshore Nigeria.

The CCE stated: “The Mini Bid Round is aimed at further development of the deep offshore acreages which will be held in accordance with the Petroleum Industry Act  (PIA), 2021 with its enhanced legal and regulatory frameworks that seeks to  encourage new investors and investments into the next phase of exploration  in this region. An initial announcement for commencement of the mini bid round was made in December, 20, 2022.

According to him, the process aligns with the Petroleum Industry Act 2021, a legal framework seeking to boost oil and gas industry investment.

“In this 2022 Mini Round, seven  offshore rocks involving an area of approximately 6,700 sq km in water depths of 1,150m to 3,100m were put on offer.

“The success of the process will ensure all stakeholders gain value from the Nation’s resources, whilst paying close attention to the reduction in carbon emissions, environmental, social and governance (ESG) considerations.”

Komolafe further explained that this mini bid round intends to build on the successes of the last bid round that held in April 2007 during which 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.

“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 2022 Mini Bid Round, seven Offshore blocks covering an area of approximately 6,700 sq km in water depths of 1,150m to 3,100m were 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.

“A dedicated programme portal (br.nuprc.gov.ng) for the Mini Bid Round has been published by NUPRC which provides details of the bid round process, including the registration and prequalification requirements, and detailed guidelines for applicants,” he stated.