The Federal Government is filled with hopes that Nigeria’s mini-bid round will boost global energy sufficiency in the long run.
Making the projection at a pre-bid conference in Lagos, South-West Nigeria, on Monday, the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, said that this year’s mini bid rounds, the first in the last 15 years, was expected to auction seven Deep Offshore blocks.
According to Komolafe, the mini bid round also covered an area of approximately 6,700 square kilometres in water depths of 1,150 metres to 3,100 metres.
He said that the exercise was expected to be a huge success for Nigeria and a big step towards growing the nation’s oil and gas reserves through aggressive exploration and development efforts.
He posited that the exercise would also boost production, expand opportunities for gas utilisation and development.
The NUPRC boss further projected that the bid round will strengthen energy security and economy, providing the opportunity to gainfully engage the pool of competent companies in the oil and gas sector.
Stressing that this would result in employment opportunities, enabling transfer of technology, valorising petroleum assets in the Nigerian Territory and attract investments, he added: “In addition, the Mini Bid Round presents us with the opportunity to reinforce Nigeria’s commitment to openness and transparency in line with the principles of the Extractive Industry Transparency Initiative (EITI).”
Assuring that the process would be fair, transparent, and competitive in line with best practices, Komolafe posited that it would attract competent investors from across the world, both local and foreign, that had the capability and competence in operating in deep water environment.
Komolafe advised that all awardees must be duly registered in Nigeria under the Companies and Allied Matters Act (CAMA), stressing that all applicants could participate either as an individual company, or as a consortium.
The NUPC boss said: “The process will pay the requisite attention to strategies, processes and implementable plans consistent with net zero carbon emission targets, eliminating gas flares as well as overall Environmental, Social and Governance (ESG) considerations.
“The oil and gas industry in Nigeria has embraced the reality of energy transition and is taking strategic position to leverage on the opportunities presented by the unfolding era.
“We have taken deliberate steps in this regard including the recent issuance of guidelines for management of fugitive methane and greenhouse gas emissions in the upstream oil and gas operations in Nigeria.
“However, it is worthy to recognise that recent events around the globe indicate that fossil fuels will continue to be a core part of the global energy mix well into the future.”
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