NURPC woos foreign investors to seven offshore blocks

• Published date: 17 January 2023
• Publication title: Nigeria - The Nation

THE Nigerian Upstream Petroleum Regulatory Commission (NURPC) yesterday wooed competent foreign investors to its 2022/2023 bid round exercise of Petroleum Prospecting Licenses in Deep Offshore for seven oil blocks,

According to the Chief Executive Officer (CEO), Mr. Gbenga Komolafe, an engineer, the exercise is tailored to incentivize competent indigenous and foreign investors who are experts in deep water operation.

'The mini bid exercise has been designed to attract competent investors from across the world, both local and foreign, that have the capability and competence in operating in deep water environments,' he said.

The CEO also noted that the bid round will last four months.

This was contained in the statement that Komolafe issued from the pre-bid conference in Lagos.

He recalled that the bid was opened on January 3, 2023, stressing that it would follow the process of registration and pre-qualification; data prying/purchase, and submission /presentation.

The statement added that there will also be the process of technical bid evaluation and commercial bid conference.

The theme of the event is: 'Growing Upstream Investment in Nigeria through Licensing Round: The Bid Process and Opportunities.'

'The exercise is scheduled to last for approximately four months along the following processes: Registration and Pre-Qualification Data Prying/Purchase Technical Bid Submission/Presentation Technical Bid Evaluation Commercial Bid Conference,' he said.

He noted that the commission has also commenced and launched the bid portal since January 3, 2023, adding: 'We have also provided an official email address, phone numbers and dedicated support line to guide applicants through the Licensing Round process.'

The CEO urged investors from across the world with capability and experience in deep water operations to embrace the generous fiscal provisions of the PIA and join NURPC in its journey of energy sustainability aimed at developing the nation's oil and gas resources as cleanly as possible.

He said the Commission has established a committee to engage with world renowned energy consultants, Wood Mackenzie, to ensure that Nigerian petroleum upstream regulations are in line with international best practice.

He assured that the entire bid process to the provisions of the PIA 2021 and attendant regulations will be fair, transparent, and competitive in line with best practices.

He insisted awardees must be registered in Nigeria under the Companies and Allied Matters Act (CAMA)...