OIL BLOCK BIDDING: INSIDE NIGERIA’S SEVEN-HOUR TRANSPARENCY TEST

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday held a marathon seven-hour transparent bidding round for new oil blocks, showcasing the country’s commitment to openness in the award of petroleum licences.

The exercise, which was broadcast live to the public, involved rigorous evaluation of bids from local and international companies under the strict guidelines of the Petroleum Industry Act.

NUPRC Chief Executive, Engr. Gbenga Komolafe, described the prolonged session as necessary to ensure fairness, thorough scrutiny, and accountability in the process.

“Transparency is non-negotiable. This seven-hour bidding test demonstrates that due process was followed every step of the way,” he said.

Stakeholders, including civil society organisations and industry observers present at the event, commended the Commission for the level of openness displayed.

Successful bidders are expected to be announced soon after final due diligence, with emphasis on technical competence, financial strength, and commitment to environmental sustainability and local content.

The exercise is seen as a major step towards attracting genuine investments into Nigeria’s upstream oil sector.