Nigeria to auction 50 oil exploration licenses
AuctionInfo.org
Nigeria is preparing to auction 50 oil and gas exploration blocks in October, the third licensing round in just over a year, the head of the Department of Petroleum Resources (DPR) said on Monday.
Tony Chukwueke said the blocks on offer would be located all over Africa’s biggest oil producer — inland, in the Niger Delta and offshore. He said the DPR had not concluded its valuation of the blocks and had yet to finalise dates for the auction.
“We hope to obtain ministerial approval by the end of the month so we can proceed with the bidding round in October,†Chukwueke told Reuters.
He said the DPR would impose stringent conditions on bidders to avoid a repeat of a major auction last August, after which Nigeria received less than half of the $2.6 billion originally pledged because many bidders were unable to pay up.
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