The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has begun the 2022 mini-bid round process in accordance with the Petroleum Industry Act (PIA) 2021.

The mini-bid round is an opportunity to spur new oil exploration and drilling activities in the prospective deep waters offshore Nigeria.

Gbenga Komolafe, NUPRC’s chief executive, announced this on behalf of President Muhammadu Buhari’s regime in a statement on Tuesday.

Mr Komolafe said the mini-bid oil round aimed to develop the deep offshore acreages further.

He said this would be held in accordance with the PIA with its enhanced legal and regulatory frameworks that sought to encourage new investors and investments into the next phase of exploration in the region.

“The mini-bid round will be managed by the NUPRC, in line with the provisions of the PIA, as the statutory body responsible for ensuring compliance with petroleum laws, regulations, and guidelines in the Nigerian upstream petroleum industry,” stated the commission’s chief executive.

He revealed that the National Data Repository of NUPRC and “our multi-client partners are delighted and ready” to support the mini-bid oil round underpinned by high-quality datasets, noting that the blocks have extensive 2D and 3D seismic data coverage, including multi-beam and analogue data.

“Additionally, a remarkable quality, 3D MegaSurveyPlus reprocessed Pre-stack Time Migration (completed October 2022), with angle stacks and gathers, is also available to prospective bidders. Links to all data can be accessed via the dedicated NUPRC portal,” Mr Komolafe disclosed.

The NUPRC chief described the mini-bid round as a market-driven programme and will follow a transparent and competitive procurement process designed to attract competent third-party investors globally with the capability and proficiency operating in the deepwater environment.

He said the mini-bid round intended to build on the successes of the last bid round 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.

He recalled that 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, making the exercise a success.

In this 2022 mini-bid round, he said that 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.

He said the success of the mini-bid round would ensure all stakeholders gain value from the country’s resources whilst paying close attention to the reduction in carbon emissions, as well as overall environmental, social and governance considerations.

He further said that a pre-bid conference had been slated for Monday at Eko Hotels and Suites, Lagos, revealing that the conference would provide potential applicants with an opportunity to ask questions concerning the mini-bid round processes and requirements.

He said interested companies would be invited to submit pre-qualification applications by January 31, 2023.

(NAN)