Nigeria opened a licensing round in April offering a total of 19 onshore and deepwater oil blocks to investors. This has now been expanded to include an additional 17 deep offshore blocks to the 2024 licensing round.
Komolafe said that registration, which had been slated to close on June 25, has been extended by 10 days. Bid submissions would open on July 8 and close on Nov. 29. It has tried to sweeten the offer by cutting entry fees called signature bonus from around $200 million per field to $10 million, promised a fair and transparent process and allowed online submissions through its website. Bidders also have the option to lease single units of oil blocks or in clusters.
Nigeria is seeking to halt the flow of investments to African rivals Angola and Namibia by improving the ease of acquiring oil blocks.
Source: Loan Digest (loandigest.net)
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