Seven Nigerian deep offshore oil blocks to come under the hammer
The country last conducted bidding for 45 lots in 2007 even when the court had stopped the sale of two that were under litigation
30 October 2022 - 19:57
byCamillus Eboh
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Abuja — Nigeria is planning to auction seven deep offshore oil blocks, 15 years since the last ones were auctioned, the upstream regulator said on Saturday.
Apart from marginal fields, Nigeria last conducted bidding for 45 oil blocks in 2007 even when the court had stopped the sale of two that were under litigation between Shell and the Nigerian government.
“We will announce by next month the intention to conduct a transparent bidding rounds for seven oil blocks”, said Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Authority.
“All the blocks are in the Lagos waters, not in the Niger Delta with the added advantage of its proximity to the export free zone in Lagos,” he said.
In 2005, then president Olusegun Obasanjo launched an open auction process and said Nigeria would no longer award lucrative drilling licences on a discretionary basis.
However, the auctions drew criticism that they were neither as transparent as they should be nor as successful in terms of securing investment Nigeria.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Seven Nigerian deep offshore oil blocks to come under the hammer
The country last conducted bidding for 45 lots in 2007 even when the court had stopped the sale of two that were under litigation
Abuja — Nigeria is planning to auction seven deep offshore oil blocks, 15 years since the last ones were auctioned, the upstream regulator said on Saturday.
Apart from marginal fields, Nigeria last conducted bidding for 45 oil blocks in 2007 even when the court had stopped the sale of two that were under litigation between Shell and the Nigerian government.
“We will announce by next month the intention to conduct a transparent bidding rounds for seven oil blocks”, said Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Authority.
“All the blocks are in the Lagos waters, not in the Niger Delta with the added advantage of its proximity to the export free zone in Lagos,” he said.
In 2005, then president Olusegun Obasanjo launched an open auction process and said Nigeria would no longer award lucrative drilling licences on a discretionary basis.
However, the auctions drew criticism that they were neither as transparent as they should be nor as successful in terms of securing investment Nigeria.
Reuters
‘First truly global energy crisis’ has hit the world
NICHOLAS SHUBITZ: Souring Saudi-US relations and rise of the Brics alliance
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
OPINION | Renewables shift lays bare Africa’s energy dilemma
GAVIN MAGUIRE: Global energy shock could drive energy efficiency
Nigeria LNG declares force majeure amid worst flooding in a decade
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.