WorldStage Newsonline – The Federal Government of Nigeria has ensured that Nigeria’s round of mini-bids will boost global energy sufficiency in the long term.

Mr. Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), told a pre-bid conference in Lagos on Monday that this year’s mini-bid rounds, the first in the last 15 years, they will auction seven Deep Marine Blocks.

Komolafe added that the mini bidding round also covered an area of ​​approximately 6,700 km2 in sea depths of 1,150 to 3,100 m.

He said the exercise was expected to be a great success for Nigeria and a big step towards growing the nation’s oil and gas reserves through aggressive exploration and development efforts.

He said the exercise would also boost production, expand opportunities for gas utilization and development.

According to him, the bidding round will strengthen energy security and the economy, providing an opportunity to profitably involve the group of competent companies in the oil and gas sector.

He said this would generate employment opportunities, enable technology transfer, enhance oil assets on Nigerian territory and attract investment.

He added: “In addition, the Mini Bid Round provides us with the opportunity to reinforce Nigeria’s commitment to openness and transparency in line with the principles of the Extractive Industry Transparency Initiative (EITI).”

He assured that the process will be fair, transparent and competitive in line with best practices.

He added that it would attract competent investors from around the world, both local and foreign, who have the ability and competence to operate in deepwater environments.

Komolafe advised that all successful bidders must be duly registered in Nigeria under the Companies and Allied Matters Act (CAMA), noting that all applicants can participate as an individual company or as a consortium.

He said: “The process will pay necessary attention to strategies, processes and implementable plans consistent with net zero carbon emissions targets, eliminating gas flares and broader environmental, social and governance (ESG) considerations. .

“The oil and gas industry in Nigeria has accepted the reality of the energy transition and is taking a strategic position to seize the opportunities presented by the unfolding era.

“We have taken deliberate steps in this regard, including the recent issuance of guidelines for managing fugitive methane and greenhouse gas emissions from upstream oil and gas operations in Nigeria.

“However, it is worth acknowledging that recent events around the world indicate that fossil fuels will remain a central part of the global energy mix well into the future.”