The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has scheduled January 16 2023 for a pre-bid conference to provide potential applicants with an opportunity to ask questions about the requirements for the upcoming Mini Bid Round Round.
After the pre-bid conference, interested companies will then be invited to submit their pre-qualification applications by January 31, 2023.
A press statement by NUPRC, seen by Nairametrics, explained that the “Mini Bid Round is an opportunity to spur new exploration and drilling activities in the prospective deep waters offshore Nigeria”.
Asset details: The Mini Bid Round will consist of seven offshore blocks covering an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m.
The blocks have extensive 2D and 3D seismic data coverage, including multi-beam and analogue data. Additionally, a remarkable quality 3D Mega Survey and reprocessed Pre-stack Time Migration is also available to prospective bidders. Links to all data can be accessed via the dedicated NUPRC portal (br.nuprc.gov.ng).
In the meantime, the regulator said it will continue to provide more details regarding the bid round. Part of the statement seen by Nairametrics said:
- “NUPRC will continue to provide further details and a roadmap for this international competitive mini-bid round in due course. It is a great privilege to announce the mini bid round 2022 and we look forward to the success of the upcoming events and activities.”
Aim of the bid: The NUPRC said the success of the Mini Bid Round will 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 (ESG) considerations.
The process 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.
For the record: The Mini Bid Round is the first in a series of bid rounds, aimed at further development of this prospective petroleum basin will be held in accordance with the Petroleum Industry Act 2021 (PIA), with its enhanced legal and regulatory frameworks that seek to encourage new investors and investments into the next phase of exploration in this region.