The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has extended the deadline for the submission of Technical/Commercial bids for the Deep Offshore Oil Block Bid Round Schedule to allow interested bidders conclude the required Joint venture arrangements, and for proper evaluation of data by the bidders.
In a press statement signed by the NUPRC Chief Executive, Gbenga Komolafe, the agency announced that following the approval by President Muhammadu Buhari, the commission extended the deadline of the activity to the 19th of May, 2023, and also extended the timeline for concluding contract negotiations and signings between the 3rd and the 28th of July, 2023.
The commission`s Chief Executive said the 2022/2023 Deep Offshore Oil block Mini-bid Round was moving in line with the Bid Round Schedule.
“The 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 were well as Commercial bid conference and announcement of winners.”
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Komolafe emphasized the Commission’s commitment to the bid, as it was noted in the statement, and explained the reason for the extension of the deadlines.
“The Commission is fully committed to conducting the bid round in a manner that guarantees the achievement of the objectives of the exercise, pointing out that participation is both robust and beneficial to key stakeholders. However, constant interrogation and oversight of the process revealed two concerns which the Commission felt might impact the success of the exercise if not immediately addressed. The concerns are the plan to conclude the bid process before transition to the new Government and the need to guarantee participation of qualified indigenous companies, working collaboratively with multinationals and the International Oil Companies (IOCs) to leverage technology, funding and expertise in the deep offshore.”
Therefore, the commission amended the guidelines in order to afford the success of the bid process, “This measure not only addresses the second concern, but is also in consonance with, and supports the Nigerian Content requirements of the Bid Round. It is also in accordance with Section 16(1)(a) of the Nigerian Constitution which provides that resources of the nation shall be harnessed in a manner that promotes national prosperity and efficient, dynamic and self-sustaining economy. The extension of time is also to afford interested multinationals and IOCs enough time to enter into, and conclude the necessary joint venture arrangements as well as allow for proper evaluation of relevant data by all bidders.”
Earlier in the year, the CCE had listed seven deep offshore open blocks: PPL-300-DO, PPL-301-DO, PPL-302-DO, PPL-303-DO, PPL-304-DO, PPL-305-DO and PPL-306-DO. The bid round portal was officially opened on the 3rd of January, 2023.
