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Nigeria will conduct bid rounds in Ultra deep waters next year- Kyari

Kyari
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Nigeria National Petroleum Corporation (NNPC) Group Managing Director Mele Kyari has said Africa biggest oil-producing country will conduct bid rounds in oil fields within the Ultra-deep waters next year.

Speaking at the ongoing  37th Annual International Conference of the  Nigerian Association of Petroleum Explorarionists (NAPE) in Lagos, the NNPC boss said currently Nigeria’s ultradeep waters is completely unexplored, a development which will soon create investment opportunities for players in the sector.

Read also: Reps summon NNPC, Solid Minerals, Water Resources Ministries over audit queries

“The ultradeep waters is completely unexplored today. Before the end of this year or next year God willing I believe there will be some form of bid rounds in Ultra-deep waters oil assets,” Kyari said at the event.

In the oil and gas industry, deepwater oil fields is defined as oil fields within water depth greater than 1,000 feet while ultra-deepwater oil fields are greater than 5,000 feet.

Stakeholders in Nigeria’s oil and gas sector have said the delay in conducting the much-awaited oil licensing rounds has reportedly led to significant revenue loss, particularly estimated signature bonuses of N112billion at a time government is relying more on borrowing to finance key projects.

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