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Thursday, April 5, 2018
Nigeria’s Department of Petroleum Resources (DPR) is being urged to undertake bid rounds for oil acreage in Nigeria at least once every two years to help boost oil and gas production and reserves.
Former Deputy Managing Director of Shell Petroleum Development Company (SPDC), Egbert Imomoh, stated this at a recent lecture he delivered during the first quarterly lecture series organized by the Nigerian Content and Industry Collaboration Department of the Petroleum Technology Development Fund (PTDF), Imomoh stated that a high frequency of bid rounds would enable the DPR to attract fresh investors into the oil sector
He further explained: “Issuance of bid rounds every two years would give every stakeholder the opportunity to participate in the exploration of more prolific areas particularly in the Niger Delta region.
“Two years will allow you to prepare and review and allow people to prepare themselves for the investments. If you look at it, the Niger Delta is full of opportunities, there are fields we have not worked on for a long time, I believe if you make them available, new players and technology will come in, that is why I say we should do it every two years,” he added.
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