Meanwhile, the global technology group, Wärtsilä, has released its new report: “Nigeria Leading Africa to Net Zero”, which provided a detailed roadmap to how Nigeria should proceed to build a 100 per cent renewable energy power system by 2060. While Nigeria possesses Africa’s largest proven gas reserves, over 208 TCF, most of it is untapped, flared or re-injected into oil wells currently. In addition to granting new licenses, the government is encouraging current block-holders to develop more of their offshore acreage.Įarlier this month, the NUPRC also resumed a separate bidding round for firms interested in commercialising gas that is burned off – or “flared” – by oil producers. In recent years, deep-water production led by international companies such as Shell Plc and TotalEnergies SE has accounted for about 35 per cent of oil output but its share has risen this year as onshore operators have struggled. The government blames rampant crude theft on the pipelines that crisscross the Niger Delta for shutting down wells and killing off investment. Nigeria’s oil output fell to a multi-decade low of fewer than 1.2 million barrels per day in September and has almost halved since the first quarter of 2020. The decision to put up the assets for sale is coming months after the NUPRC concluded the disposal of 57 marginal fields after a long and winding process to ramp up the country’s struggling oil production efforts. They are located off the city of Lagos, rather than off the coast of the Niger Delta further to the east where most of the country’s oil industry is concentrated, he said. The last time the federal government issued dozens of such permits was between 19, and it was meant to open up the ocean floor to oil and gas production.Īccording to Komolafe, the blocks available are at depths of between about 1,200 meters (3,936 feet) and 3,100 metres. Timipre Sylva, yesterday said the federal government was making concerted efforts aimed at curtailing crude oil theft in the country. This is coming as the Minister of State for Petroleum Resources, Mr. Gbenga Komolafe, told Bloomberg in an interview, that Nigeria would launch a bidding round for seven deep-water blocks in November. The Chief Executive of the commission, Mr. The federal government plans to auction deep offshore oil and gas licences for the first time in 15 years, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said. * We are curtailing crude oil theft, says SylvaĮmmanuel Addeh in Abuja and Sylvester Idowu in Warri

Nigeria oil blocks map