The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) may conduct a new oil bid round amidst low oil production and reserves.
The commission also said the ongoing divestment of assets by international oil companies (IOCs), especially Shell Petroleum Development Company of Nigerian Limited (SPDC) in the SPDC joint venture (JV) assets, would go to the best bidders.
While NUPRC had, earlier in the year, hinted that some oil blocks could be offered in a new bid round, the commission at a dialogue organised by the Nigeria Extractive Industries Transparency Initiative (NEITI) said arrangements were being made for the bid round.
The Chief Executive of the commission, Gbenga Komolafe, said there is a need to strengthen upstream oil and gas operations effectively for optimisation of “our national hydrocarbon resources for enhanced revenue generation and optimum return on investment”.
He…
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