Nigeria’s mini-bid round will boost global energy sufficiency in the long run,the federal government has said.
This year’s mini bid rounds,which is the first in the last 15 years,is expected to auction seven Deep Offshore blocks, covering an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m.
Speaking at a pre-bid conference ceremony in Lagos on Monday,Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission,NUPRC,Engineer Gbenga Komolafe,said the exercise isexpected to be a huge success for Nigeria and is a big step towards growing the nation’s oil and gas reserves through aggressive exploration and development efforts, boosting production, expanding opportunities for gas utilisation and development.
According to him,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 resulting in employment opportunities, enabling transfer of technology, valorizing petroleum assets in the Nigerian Territory and attracting 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)”.
He assured that the process will be fair, transparent, and competitive in line with best practices,adding that It would attract competent investors from across the world, both local and foreign, that have the capability and competence in operating in deep water environment.
He advised that all awardees must be duly registered in Nigeria under the Companies and Allied Matters Act (CAMA),stressing that all pplicants may participate either as an individual company, or as a consortium.
He said: “The process will, in addition to technical and commercial considerations, 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.
“As a regulatory commission we have taken deliberate steps in this regard including the recent issuance of guidelines for management of fugitive methane and greenhouse
gases emissions in the upstream oil and gas operations in Nigeria during the COP27 in Egypt in a manner that attracted wide international commendation for Nigeria.
“However, it is worthy to recognize 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, even beyond the 2050 targets for achieving net-zero carbon emissions that has been set by most countries”
