The technical screening of financially qualified bidders for the 2024 licensing bid rounds has begun by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
For this stage, the commission stated that it would assess each company’s technical ability to run the oil blocks that it had bid on.
The commission said in a release that 31 oil blocks are up for auction, including two onshore blocks, three continental shelf blocks, and 26 deep offshore blocks.
According to reports, two of the blocks are located in the Bida Basin, while 29 are located in the Niger Delta.
At the moment, The Punch reported that the exercise is in the technical and commercial Bid phase for data access, data purchase, evaluation, bid preparation and submission. This is expected to last until November 29, 2024.
It stated that only businesses that passed the technical bid examination would be eligible to submit a commercial bid.
TimesNow.com.ng reported that The Nigerian government, via the Nigerian Upstream Petroleum Regulatory Authority (NUPRC), had rejected the proposed $1.3 billion sale of onshore oilfields to the Renaissance Group, citing the buyer’s lack of capacity to manage the assets.
The asset owner, Shell, disclosed that it was furnishing the regulator with the required information.
However, the NUPRC declined to approve the sale, saying that the Renaissance Group was unable to prove it could manage the assets.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
