The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) held a Pre-Bid Conference on 16 January 2023 to clarify modalities for the 2022/2023 Mini Bid Round (MBR) which was announced on 20 December 2022.
The NUPRC has put on offer a total of seven (7) offshore blocks (PPL 300-DO, PPL 301-DO, PPL 302-DO, PPL 303-DO, PPL 304-DO, PPL 305-DO and PPL 306-DO); covering an area of approximately 6,700km2 in water depths of 1,150m to 3,100m in the deep offshore waters in Niger Delta region.
The registration/submission of pre-qualification documents commenced on 3 January 2023 and will close by 11.59 pm on 31 January 2023.
Eligibility and Pre-Qualification Criteria
The MBR is open to all incorporated entities both within and outside Nigeria. A foreign applicant will be required to incorporate a Nigerian entity after a successful bid. An applicant may participate in the bidding process either as an individual or a member of a consortium.
Interested applicants are required to meet the legal, financial, and technical criteria highlighted below to qualify to participate in the bid:
1. Legal criteria: applicants are required to provide the certificate of incorporation; particulars of shareholders and directors of the company; Memorandum and Articles of Association; evidence of payment of tax; the organizational chart of the applicant; and profiles of the applicant’s promoters/management team. In addition to the foregoing documents, a consortium is required to submit a consortium agreement, amongst others.
2. Financial criteria: applicants must demonstrate the requisite financial capacity to fund operations in Nigerian deep offshore fields. An applicant must possess any of the following: an average annual turnover of USD 200 Million; a letter of credit from a reputable financial institution to the tune of USD 200 Million; a Parent Company Guarantee to the tune of USD 200 Million (for newly incorporated companies).
3. Technical criteria: applicants must present evidence of experience in deep offshore operations for a minimum of five (5) years. For new companies lacking the required years of experience, evidence of the majority of its promoters, management team, or technical partner having such years of experience shall suffice.
The Nigerian Upstream Petroleum Development Commission Holds A Pre-Bid Conference For The 2022/2023 Mini Bid Round – Click Here To Download The Full Publication