On the offshore news, the Federal Government may likely have finalised plans to sell off seven fresh deep offshore oil blocks later this month.
Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said the oil blocks available are at depths of between about 1,200 metres (3,936 feet) and 3,100 metres offshore Lagos.
According to Komolafe, the oil blocks are located off the city of Lagos and not off the coast of the Niger Delta; down to the east where most of the country’s oil industry is. The decision to put them up for sale comes months after the NUPRC concluded to dispose 57 marginal fields after a long and winding process to ramp up the struggling oil production efforts of the country.
Nigeria’s oil production output fell really low recently, at 900,000 barrels per day (bpd) in August, but rose to 1.2 million bpd in September. The government blames frequent crude oil theft on the pipelines that crisscross the Niger Delta for shutting down wells and killing off investment.