The Federal Government declared that the seven deep offshore open oil blocs licensing round, which started on January 3, 2023, would last for four months. It invited investors with knowledge of and experience with deep-water operations from around the world to accept the financial provisions of the Petroleum Industry Act 2021 and participate in the bidding for the oil blocs.
The President, Major General Muhammadu Buhari (ret. ), approved the exercise for the first time in the previous 15 years, according to Komolafe’s article, “The Bid Process and Opportunities.”
Timipre Sylva, the Minister of State for Petroleum Resources, said the process was designed with consideration for global sustainability goals in his remarks at the pre-bid conference. Additionally, Sylva mentioned that seven oil blocks had been listed for the ongoing mini 2022/2023 bid rounds.