Nigerian Oil Bid Rounds, Upstream Projects Delayed Due to Price Crash

Nigeria will not hold bidding rounds for major oilfields until crude prices recover, and some upstream projects will be completed much later than originally planned. The delay in some licensing rounds cut the country’s projected revenue from signature bonuses to 350 billion naira ($972.22 million) this year, from 939 billion naira originally expected. Nigeria is, however, accelerating bidding rounds for so-called “marginal” fields, which were less impacted by low oil prices because they would likely be taken up by local producers and would require less capital to develop.