The Ministry of Energy and Energy Industries on Wednesday, October 4th launched the 2023 Shallow Water Competitive Bidding Round.
After intense stakeholder consultations and a thorough internal review of the bidding process several changes were introduced to improve the attractiveness of the bid round.
Among the improvements are the removal of the pre-bid fee; a reduction in the bid fee and royalty will be paid from the government’s share of profit petroleum.
The Ministry of Energy and Energy Industries has indicated that it remains steadfast in its role of aligning with the government’s mandate to attract the upstream investment required to sustain domestic energy and advance energy security.