The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, through its Chief Executive Officer, Mr. Gbenga Komolafe, has announced on Thursday January 18, 2024, plans by the commission to conduct another mini bid round for an additional 12 deep offshore blocks.

Recall that the commission had on December 2022 put on offer seven Deep Offshore blocks otherwise called Petroleum Prospecting Licences (PPLs) during the 2022/2023 mini bid round to interested local and foreign investors.

Mr. Komolafe who made the disclosure at the commission’s Lagos Regional Office during his presentation at a parley between him and members of the Oil Producers Trade Section (OPTS) and the Independent Petroleum Producers Group (IPPG), also stated that the ongoing mini bid round for the seven deep offshore blocks would be concluded this year.

Speaking on the proposed 12 oil blocks to be auctioned during the upcoming mini bid round, Mr. Komolafe said: “Let me seize this opportunity to announce that in line with the provisions of Section 73 of the PIA, the commission will conclude the 2022/2023 Mini-bid Round and as well, conduct a new bid round of 12 blocks located in the Continental Shelf and Deep Offshore.

“We hereby call on investors to participate in the bid round process that will commence soon for shared prosperity”, the NUPRC boss added.

Mr. Komolafe also revealed that the commission would be conducting a tour of upstream facilities in Nigeria as part of the commission’s oversight and monitoring functions, as well as engage certified metering experts to conduct technical integrity audit of the metering facilities in the upstream sector with a view to ensuring that metering facilities function at best practices and industry allowable limit of error.

On the issues of divestment and implementation of the decommissioning and abandonment as well as the implementation of the Community Development Trust, the NUPRC Boss announced that the commission had equally put in place a robust framework as a guide on such issues.

He further explained that the NUPRC Regulatory Action Plan for 2024 and the near term was intentionally issued on January 1, 2024 to set a direction for the industry’s activities, and that the document which attracted both local and foreign publicity was designed as a signpost for the industry and stakeholders.

He assured operators under the aegis of OPTS and IPPG that the commission had considered possible implications and had designed planned responsibility to accommodate industry dynamics.

“Our goal is to enhance and facilitate a business environment that is resilient, adaptable and align with global best practices," said Komolafe, while he added, "As members of OPTS and IPPG, you will continue to play pivotal role in shaping the industry response to the evolving energy dynamics for the prosperity of our nation. The implementation of the Regulatory Action Plan will be a collaborative effort to our mutual benefits”, he stated.

To facilitate open communication between operators and relevant stakeholders, Komolafe revealed that the commission would be establishing a dedicated platform for continuous engagement on the regulatory action plan, provide all stakeholders including OPTS and IPPG, with opportunities to share insights, seek clarifications and actively participate in shaping the landscape for the collective good of all.

In their responses, the Chairman of OPTS/Managing Director of Shell Nigeria, Mr Osagie Okunbor; and the Chairman of IPPG, Mr. Abdulrazaq Isa, expressed appreciation to the NUPRC boss and his team for engaging them to discuss a key regulatory policy as the Regulatory Action Plan.

Source: Arise News

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