FG assures Mini oil bid round will boost energy sufficiency
The Federal Government has assured that Nigeria’s mini-bid round will boost global energy sufficiency in the long run.
Mr Gbenga Komolafe, the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, (NUPRC), said this at a pre-bid conference in Lagos on Monday.
Komolafe, said this year’s mini bid rounds, the first in the last 15 years, was expected to auction seven Deep Offshore blocks.
He added that the mini bid round also covered an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m.
He explained 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 added that the exercise would also boost production, expand opportunities for gas utilisation and development.
The CEO NUPRC announced 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.
He stated further that this would result in employment opportunities, enabling transfer of technology, valorising petroleum assets in the Nigerian Territory and attract investments.
According to him, “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).”
He pledged that the process would be fair, transparent, and competitive in line with best practices.
