Oil & Gas

26 Dec 2022

Nigeria Will Auction 7 Hydrocarbon Blocks in Early 2023

26 Dec 2022  by   

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to hold the Mini Bid Round 2022, in which seven offshore blocks covering an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m are put on offer. Pre-qualification applications are open until 31 January 2023.
This is first bid round held in accordance with the new Petroleum Industry Act 2021 (PIA). The Mini Bid Round will be managed by the NUPRC, in line with the provisions of the PIA, as the statutory body responsible for ensuring compliance with petroleum laws, regulations, and guidelines in the Nigerian upstream petroleum industry.
At the end of 2021, Nigeria’s oil reserves were estimated at nearly 37,000 mbl, and its gas reserves at nearly 5,800 bcm. In 2021, the country produced 79 Mt of crude oil and almost 45 bcm of natural gas.


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