Nigeria awards 37 oil blocks to 31 firms in historic frontier-basin bids - Businessday NG

…Eyes 300,000 bpd from latest auction

…Winners face 90-day clock

Nigeria handed out 37 oil and gas blocks to 31 companies on Tuesday, capping a licensing round that regulators say marked the first time frontier basins far from the country’s traditional Niger Delta heartland drew serious investor appetite.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said 143 firms lodged 200 bids for the blocks on offer in Abuja, though only 37 of the 50 available assets attracted any bids at all.

The remaining 13 will go back to the drawing board for further technical work before returning to market, according to the commission.