Why Buhari approved amended mini-bid round schedule – Regulatory Commission

THE Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has explained that President Muhammadu Buhari approved the amendment of the bid round calendar for 2022/23 as a measure to sustain transparency in the oil and gas sector.

The NUPRC chief executive, Gbenga Komolafe, said in a statement he issued on April 1 that the approval was aimed at accommodating the concerns expressed by both local and international investors over the closeness of the schedule to the terminal date of the present administration in the country.

Komolafe also stated that the move was geared towards boosting confidence in the transparency and continuity of the 2022/2023 Deep Offshore Oil Block Mini-bid Round process.

“Following the approval by President Buhari in his capacity as the Petroleum Resources Minister, the NUPRC has revised the Deep Offshore Oil block Bid Round Schedule by extending the deadline for the submission of Technical/Commercial bids to May 19, 2023, as well as the timeline for concluding activities of contract negotiations and signing between July 3 and 28, 2023,” the statement read.



    According to Komolafe, the 2022/23 Deep Offshore Oil block Mini-bid Round was progressing in line with the bid round schedule, which has been published as part of the Bid Round Guidelines.

    He said, “The outstanding activities for the conclusion of the exercise include the Technical/Commercial Bid Submission and the Ministerial Consent/Contract Negotiation and Signing.

    “The Technical/Commercial bid submission involves Data access, purchase, evaluation, bid preparation and submission; bid evaluation and publication of results as well as commercial bid conference and announcement of winners.”

    He reiterated the Commission’s full commitment to conducting the bid round in a manner that guarantees the achievement of the objectives of the exercise, pointing out that participation would be both robust and beneficial to key stakeholders.

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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