INSUBCONTINENT EXCLUSIVE:
second such auction within two years
The initiative is part of efforts to overcome challenges like crude oil theft and pipeline sabotage that have hampered production.These
issues have led significant players such as Shell and Exxon to offload onshore holdings.Gbenga Komolafe, head of the Nigerian Upstream
Petroleum Regulatory Commission (NUPRC), shared details at an industry gathering.He noted that the auction is open to both domestic and
global firms.Nigeria Targets Deepwater Investment with Oil Block Auction
(Photo Internet reproduction)In a move to attract more participants, the regulator will lower the initial signing bonus required for
undisclosed.Offshore blocks are coveted for their vast reserves and fewer operational hurdles compared to onshore fields.The NUPRC recently
set a goal to increase oil and condensate output to 2.6 million barrels per day by 2026, up from about 1.6 million bpd in 2023.This
and community disputes, making offshore development a strategic priority.Nigeria aims to secure stable investment channels amidst a volatile
global oil market influenced by geopolitical tensions and pandemic disruptions.Hydrocarbon-rich nations like Nigeria maximize assets before
cleaner energy transitions, aligning with global trends.
