NUPRC is collaborating with Wood MacKenzie to regulate mini-bid round investors

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it is collaborating with global research and consultancy business, Wood MacKenzie (WoodMac), to regulate investors in Nigeria’s 2022 mini-bid round process.  

The Chief Executive Officer of NUPRC, Engr. Gbenga Komolafe stated this during the mini-bid round conference in Lagos state on Monday, January 16, 2023.  

According to the CEO, this move will ensure that the 2022 mini-bid round is conducted in line with international best practices. He further noted that the Buhari administration is interested in exploring its fossil fuel resources to close energy access gaps and put a stop to gas flaring to create wealth for its population.  

37 to 40 billion barrels by 2025: In his statement at the conference, Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva said one of the key mandates of the ministry of petroleum resources is the goal to increase the country’s petroleum reserves from its current 37 billion barrels to 40 billion barrels by 2025.  

Contribution of PIA: Sylva who was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Gabriel Aduda, said that the Petroleum Industry Act of 2021 provided regulatory support for the mandate of providing terms that industry players and operators can utilize and deploy world-class cutting-edge technologies to de-risk exploration offshore and hydrocarbons discovered in the listed offshore blocks will significantly contribute to Nigeria’s energy sufficiency.  

For the record: In his statement, the minister of state for petroleum resources said the country is looking for ways to achieve self-sufficiency and this will affect the way the country’s natural resources will be exploited.  

• According to him, Nigerians can be assured of prompt decisions that will aid the expedient exploitation of resources for the benefit of the general population.  
• He said climate change is impacting the world and Nigeria and the country will do all it can, to contribute to solutions, while ensuring its citizens are energy secure.