For the first time in 15 years, the federal government will sell 7 deep offshore oil and gas blocks; The trade is off the coast of Lagos in November.
This occurs while the Nigerian government works to increase crude oil output and address the escalating instances of pipeline vandalism and oil theft; particularly in the Niger Delta area of the nation.
In the interview, the head of NUPRC stated, “We will declare our plan to hold a transparent bidding process for seven oil blocks by next month. All of the blocks are in Lagos seas, not in the Niger Delta, which has the additional benefit of being close to Lagos’ export-free zone.
Nigeria last held a bid period for 45 oil blocks in 2007 despite the fact that the sale of two of those blocks had been halted by the court; due to a legal dispute between Shell and the Nigerian government.