The deadline for the auction of 15 oil and gas blocks is approaching.

The bidding deadline for oil and gas (migas) blocks will end in September 2017. Seventeen leading oil and gas companies have accessed the data for the migas blocks to be auctioned. In 2017, the government offered 15 migas blocks, all using the gross split scheme. This comprises 10 conventional and 5 non-conventional migas blocks.

In the two previous years, the national migas block auction attracted no bidders. In 2015, the government offered 8 migas blocks, but received no bids. Similarly, in 2016, the government auctioned 14 migas blocks, but no bidders proceeded to the contract signing stage. Low oil prices and uncertainty surrounding the transition from the cost recovery scheme to the gross split scheme contributed to the lack of interest in the migas block auctions.