FG announces bidding for 12 oil blocks
The Nigerian Upstream Petroleum Regulatory Commission has announced the commencement of the bidding process for 12 oil blocks that were released and lined up for sale. The announcement also heralded the start of the 2024 Nigeria Petroleum Licencing Round and the resumption of the 2022/2023 mini-bid round, according to a statement signed by the commission’s […]
The Nigerian Upstream Petroleum Regulatory Commission has announced the commencement of the bidding process for 12 oil blocks that were released and lined up for sale.
The announcement also heralded the start of the 2024 Nigeria Petroleum Licencing Round and the resumption of the 2022/2023 mini-bid round, according to a statement signed by the commission’s chief executive, Gbenga Komolafe, on Monday in Abuja.
Daily Trust reports that the NUPRC last month made the first announcement on the bidding process and also waived the signature bonus requirement in the bidding process to woo investors for the auctioned oil blocks.
He said, “On behalf of the Federal Government of Nigeria, the Nigerian Upstream Petroleum Regulatory Commission is pleased to announce the commencement of the 2024 Petroleum Licensing Round.”
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On the number of blocks on the offer, Komolafe noted, “We have identified 12 blocks that cut across deep offshore, shallow water and onshore terrains to be made available to interested investors.”
He said the licensing round “marks a significant milestone in our commitment to fostering sustainable growth and innovation within the energy sector while providing economic opportunities for investment to spur new exploration and development activities within our petroleum landscape.”
He explained that the 2024 Licensing Round represents an opportunity for both domestic and international stakeholders to engage in the exploration and development of Nigeria’s hydrocarbon resources.
Commenting on the offer of 12 blocks, he said in line with the objectives of the licensing round, the offer comprised a diverse range of exploration prospects and discoveries with varying technical and operational preferences.