FG seeks investors for 7 offshore oil blocks, 15 years after

The federal government has offered seven deep offshore oil blocks for a mini bid round as it shops for investors globally, 15 years after it offered 45 of such blocks.

The Chief Executive, Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Engr Gbenga Komolafe, announced this on Wednesday during a press briefing in Abuja.

He said this is the first time a bid for a deep offshore asset is being held after the Petroleum Industry Act (PIA) 2021.

He said: “In this year’s mini bid round, seven offshore blocks covering an area of 6,700km in water depth of 1,150 metres to 3,100 metres is put on offer.

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“The success of the mini bid round will ensure all stakeholders get value from the country’s resources while paying close attention to reduction in carbon emissions as well as overall environmental social governance considerations.”

He noted that the fresh blocks on offer have 3D and 2D seismic data which the prospective bidders can access via a dedicated NUPRC portal.

Komolafe said in April 2007, 45 blocks were offered from the inland basins of Anambra, Benue, Chad; the Niger Delta continental shelf shallow water and Niger Delta deep offshore, all done under a different regulatory regime and the Petroleum Act of 1969.

The CCE further said 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.

Komolafe also said oil production is rebounding. “Crude oil theft adversely impacted on our national production aside from other challenges ranging from funding from the investors.

“The commission has worked assiduously to ensure we remain focused on our statutory mandate in a manner that we do everything possible to see to the enhancement of the national oil production which at the moment stands at 1.4 million barrels of oil per day.”