Nigeria invites bids for 12 onshore and offshore oil blocks

Nigeria seeks investors to develop 12 onshore and offshore oil blocks as it seeks to tap into its 37.5 billion barrels of crude.

“Nigeria is committed to conducting the licensing round in a fair, competitive and transparent manner and ensuring a level playing field for both indigenous and international investors,” said Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Nigeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), has also gas potential estimated at 209.26 trillion cubic feet of natural gas reserves.

The country has seen its oil production decline from around 2 million barrels a decade ago to just over 1.3 million barrels per day.

The hydrocarbons decline, both in prices and volumes, has further dipped the country’s growth rate, adding to the impact of currency devaluation.