The Nigerian Upstream Petroleum Regulatory Commission has opened the bidding process for 12 oil blocks which are currently placed up for sale.
It also indicated the start of a Petroleum Licensing Round for Nigeria in 2024, as well as the resumption of 2022/2023’s bidding round, according to The Punch.
This was disclosed in a statement signed by the chief executive of NUPRC, Gbenga Komolafe on Monday in Abuja.
Komolafe 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.
“We have identified 12 blocks that cut across deep offshore, shallow water and onshore terrains to be made available to interested investors.”
He stated that this licensing round represents a major milestone in our commitment to promoting healthy growth and innovation in the energy sector while giving investors an economic opportunity to invest to stimulate new exploration and development of petroleum areas.
He said that the 2024 Licensing Round provides an opportunity for both domestic and international stakeholders to play a role in exploring and developing Nigeria’s oil resources.
He pointed out that the availability of excellent geological and geophysical data is at the core of this approach.
Komolafe said the NUPRC National Data Repository, in collaboration with multiclient partners, shall endeavour to provide access to large and robust data sets for potential bidders which will help them make better decisions.
Commenting on the offer of 12 blocks, he said in line with the objectives of the licensing round, the offer comprises a diverse range of exploration prospects and discoveries with varying technical and operational preferences.
Komolafe noted, “Our goal for this licensing round is to harness innovative exploration techniques and foster partnerships that will enhance our production capabilities and ensure environmental sustainability.
“We anticipate that this initiative will not only expand our operations but also significantly contribute to the global energy supply, aligning with international energy security goals.”
He underlined the importance of environmental, social, and governance factors in the 2024 licensing round, and stressed the importance of a comprehensive approach to resource management.
