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Twelve deep offshore blocks will be up for grab in this year’s oil bloc bid round, Nigerian Upstream Regulatory Commission (NUPRC) Chief executive Officer (CEO) Gbenga Komolafe said yesterday.
He also said that the agency has scheduled the 2022/2023 mini-bid round for completion soon.
Komolafe spoke during his engagement with the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) and the Independent Petroleum Producers Group (IPPG), reports The Nation.
The event held at NUPRC’s regional office in Lagos.
He said: “Let me seize this opportunity to announce that in line with the provisions of Section 73 of the PIA, the commission will conclude the 2022/2023 Mini-bid Round and as well, conduct a new bid round of 12 blocks located in the continental shelf and deep offshore. We hereby call on investors to participate in the bid round process that will commence soon for shared prosperity.”
In his address titled: “Towards enhanced regulatory landscape for optimised value delivery in the Nigerian upstream oil sector”, Komolafe said NUPRC values collaboration and partnership to enhance stability, growth and sustainability of the industry.
According to him, the commission values regulatory stewardship anchored on proactive agenda setting, mutual engagements and participatory oversight to engender positive change for the benefit of both majors and independents players.
He said: “As we drive our collective response to the changing global energy dynamics, the commission recognises the value of regulatory stewardship anchored on proactive agenda setting, mutual engagements and participatory oversight to engender positive change for the benefit of industry participants – majors and independents alike.
“We are committed to pursue this stance to deepen trust and entrench regulatory clarity in 2024 and beyond.”
The NUPRC boss spoke of plans to engage certified metering experts to conduct technical integrity audit of the metering facilities in the Nigerian upstream sector with a view to ensuring that metering facilities function at best practices and industry allowable limit of error.
He said the agency has put in place a “robust framework to guide issues of divestment, abandonment and for community development trust.”
Komolafe noted that NUPRC will, in the weeks ahead, conducting a tour of upstream facilities across the country.
He assured the stakeholders that the commission will live up to its mandate of enhancing business-friendly environment in line with global practices.
Komolafe said: “As members of OPTS and IPPG, you will continue to play pivotal role in shaping the industry response to the evolving energy dynamics for the prosperity of our nation.
“The implementation of the Regulatory Action Plan will be collaborative effort to our mutual benefits.”
At another meeting with a delegation of marginal oilfield owners, Komolafe said the commission would explore ways of ensuring that their operations go smoothly.
He said: “As marginal field awardees, we consider them as part of our stakeholders, and we need to encourage them especially because they are indigenous operators.
“We are committed to encouraging them to the extent that they are making their own contribution to the meaningful development of hydrocarbon in the country.
“Proactively, we are putting together a code of conduct that will enable them to put measures in place for good governance around their businesses in the manner that it will help them to be able to access funding needed for their operations.
“In furtherance of President Bola Ahmed Tinubu’s vision and in recognition of the imperative for a robust and viable oil and gas sector, the Commission is unwavering in its determination to expand opportunities for existing players and facilitate entrance of new entities.
“Riding on the charge of Mr. President, we believe that the time is indeed ripe for Nigeria to position itself as a global hub for oil & gas industrial activities.”
OPTS Chairman Osagie Okunbor thanked the commission for the initiative of calling for the meeting.
“There’s nothing as good as a regulator creating an avenue for its stakeholders to rub minds on issues and working together to make progress; we thank you for this,” he said.
