Nigeria launches bid round for 12 oil and gas blocks

Nigeria has opened a bid round covering 12 onshore and deepwater oil and gas blocks, Reuters reported on Wednesday.

The 12 blocks are situated in the country’s prolific Niger Delta Basin. They comprise six greenfield blocks on the continental shelf, four deepwater blocks and two onshore Niger Delta blocks.

Also on offer in 2024 are seven deepwater assets carried over from the previous bid round, launched in 2022.

The bid round was opened on April 29 and announced by officials at a conference in Texas on Tuesday. Nigeria’s upstream regulator encouraged bids from both local and international investors.

“Nigeria is committed to conducting the licensing round in a fair, competitive and transparent manner and ensuring a level playing field for both indigenous and international investors,” Nigerian Upstream Petroleum Regulatory Commission (NUPRC) head Gbenga Komolafe said.

The NUPRC will take into consideration net-zero efforts and plans to avoid polluting rivers and farmland, Komolafe noted.

Bidding is expected to close in January of next year.

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