Buhari Approves Changes To 2022/2023 Deep Offshore Oil Block Bid Process

The 2022/2023 Deep Offshore oil block mini-bid process has been modified with President Muhammadu Buhari’s approval to address concerns voiced by potential local and international investors.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced this via a statement issued on Saturday.

In the statement, the NUPRC’s Chief Executive, Gbenga Komolafe, said the changes will soothe worries regarding the current administration’s terminal date for the conclusion of the bid program.

He added that the modifications will help to increase public trust in the process’s openness and uniformity.

Komolafe asserted that the NUPRC extended the deadline for submitting proposals to May 19 after gaining the president’s consent.

The date for concluding contract negotiations and signing had been pushed out from June 3 to July 28, he claimed.

With more time, potential global oil companies may complete the crucial joint venture agreements with regional companies.

Komolafe claims that it would also make it possible for all bidders to accurately review the essential data.

He said that the schedule, which was made public along with the rules, will be followed as the bid round progresses.

He added, “Outstanding activities for the conclusion of the exercise include the Technical/Commercial bid submission and the Ministerial Consent/Contract Negotiation and Signing.

“The Technical/Commercial bid submission involves data access, purchase, evaluation, bid preparation and submission, bid evaluation and publication of results as well as commercial bid conference and announcement of winners.

“The Commission is fully committed to conducting the bid round in a manner that guarantees the achievement of the objectives of the exercise.”