The Nigeria Mini Bid Round 2022 for seven offshore blocs was announced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday.

The Commission states that this encompasses an area of roughly 6,700 km2 at sea depths ranging from 1,150 to 3,100 meters.

At a briefing in Abuja, Engineer Gbenga Komolafe revealed the information, saying that the Mini Bid Round is a chance to launch fresh drilling and exploration efforts in the potentially rich deep seas off the coast of Nigeria.

“Seven (7) offshore blocks covering an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m are put on offer in this year’s Mini Bid Round,” he stated.

He claims that in compliance with the Petroleum Industry Act of 2021 (PIA), the Mini Bid Round—the first of several bid rounds intended to advance the development of this potential petroleum basin—will take place.

In accordance with the PIA’s stipulations, the NUPRC—the official agency in charge of guaranteeing adherence to petroleum laws, rules, and guidelines in Nigeria’s upstream petroleum industry—will oversee the Mini Bid Round.

“We are thrilled and prepared to support the Mini Bid Round supported by top-notch datasets, on behalf of the National Data Repository (NDR) of NUPRC and our multi-client partners,” he stated.

He went on to say that the blocks have a wide coverage of 2D and 3D seismic data, including analogue and multi-beam data.

In order to draw in qualified third-party investors with the know-how and experience to operate in deep-water conditions, he continued, the bid round is a market-driven initiative that will adhere to an open and competitive procurement process.

In the past, the April 2007 Mini Bid Round was successful in offering forty-five (45) blocks that were selected from the inland basins of Anambra, Benue, and Chad; the Niger Delta Continental Shelf; the Onshore Niger Delta; and the Deep Offshore. This Mini Bid Round aims to build on those accomplishments.

He went on, “The 2007 bid round was successful because it attracted a lot of interest and participation and brought in a lot of money under a different regulatory framework (the Petroleum Act, 1969).