Nigeria kicked off bidding for 50 oil and gas blocks after President Bola Tinubu signed off on the licensing round. The petroleum regulator said the acreage covers onshore spots, shallow water zones, and deep-water areas across different basins, and the whole thing aims to pull in fresh cash under the 2021 Petroleum Industry Act framework. A pre-bid meeting happens in Lagos, and then promotional events are set for Dubai, Singapore, Houston, and Beijing to grab international attention.
The commission wants partners who care about safety and environmental standards, and it plans to run a fair bidding process. The country is trying to reverse declining crude output and tap into its 37 billion barrels of proven oil reserves plus 209 trillion cubic feet of gas reserves. Details are going live on the regulator's website and a dedicated portal.
The commission wants partners who care about safety and environmental standards, and it plans to run a fair bidding process. The country is trying to reverse declining crude output and tap into its 37 billion barrels of proven oil reserves plus 209 trillion cubic feet of gas reserves. Details are going live on the regulator's website and a dedicated portal.
