Nigeria begins new bid rounds for oil block
Nigeria has commenced the process for the 2024 oil bid round with 12 oil blocks on offer and seven deep offshore blocks from last year’s bid round. Oyeyemi Oke, a Partner at Ao2 Law, joins CNBC Africa for this discussion and more.
Fri, 03 May 2024 14:23:50 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Focus on deep water assets in the 2024 oil bid round presents opportunities for major players to invest significantly in reserve development.
- Indigenous players in Nigeria's oil and gas industry are encouraged to form consortiums for bidding on larger assets that require substantial investments.
- Key areas of concern in the bidding process include data credibility, transparency, and selection of suitable partners to ensure successful outcomes.
Nigeria has begun the process for the 2024 oil bid round, offering 12 oil blocks along with seven deep offshore blocks from last year's bid round. Oyeyemi Oke, a Partner at Ao2 Law, shared insights on the new bid round during an interview on CNBC Africa. The discussion highlighted key aspects of the bid round, including the importance of deep water assets, the capacity of indigenous players, timelines for completion, and areas of concern. Oke emphasized the need for data availability and credibility, transparent processes, and careful selection of partners to ensure successful outcomes.
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