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Business News of Wednesday, 11 January 2023


Petroleum commission begins 2022 mini-bid round

Petroleum Petroleum

The Nigerian Upstream Petroleum Regulatory Commission has announced the commencement of its 2022 mini-bid round.

This is according to a press statement signed by NUPRC Chief Executive Officer, Gbenga Komolafe, on Tuesday, January 10, published on the agency’s site.

In the statement, Komolafe noted that the mini-bid round, which presented seven blocks on offer, was an opportunity to ignite new exploration and drilling activities in Nigeria’s deep waters.

The NUPRC is expected to manage the mini-bid round process in line with the provisions of the Petroleum Industry Act, the 2022 Petroleum Licensing Round Regulations, and other relevant laws.

Komolafe added that the mini-bid round was a market-driven programme that would follow a transparent and competitive procurement process designed to attract competent third-party investors from across the world.

According to the NUPRC, the seven blocks on offer are located within the Gulf of Guinea, offshore Nigeria at approximately 150km South-East of Lagos Port ranging from 1000 meters to 2000 meters in water depth.

Blocks PPL-300-DO, PPL-301-DO, and PPL-302-DO are located in the Nigerian Transform Margin area. Blocks PPL-303-DO, PPL-304-DO, PPL-305-DO, and PPL-306-DO are within the deep-water Niger Delta Basin.