Nigeria to Open Bidding for Deep Offshore Oil Blocks
- Government to auction seven licenses in first round since 2007
- Country’s oil sector trying to reverse production decline
An oil vessel docked at the Ladol free trade zone port in Lagos, Nigeria.
Source: Bloomberg
This article is for subscribers only.
Nigeria plans to auction deep offshore oil and gas licenses for the first time in 15 years, according to a senior government official.
The West African country will launch a bidding round for seven deep-water blocks in November, the chief executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, said by phone. The government issued dozens of such permits between 1993 and 2007 to open up the ocean floor to oil and gas production.