The Nigerian Upstream Petroleum Regulatory Commission has initiated the bidding process for 12 oil blocks recently made available for sale, marking the commencement of the 2024 Nigeria Petroleum Licensing Round and the resumption of the 2022/2023 mini-bid round.
In a press release issued by the commission’s chief executive, Gbenga Komolafe, it was announced that the bidding process had officially begun. The commission also waived the signature bonus requirement in an effort to attract investors to participate in the auction of the oil blocks.
Komolafe expressed the Federal Government of Nigeria’s pleasure in announcing the start of the 2024 Petroleum Licensing Round. He revealed that 12 blocks spanning deep offshore, shallow water, and onshore terrains are available for interested investors.
Highlighting the significance of this licensing round, Komolafe emphasized its role in promoting sustainable growth and innovation within the energy sector, while creating economic opportunities for investment to stimulate new exploration and development activities in Nigeria’s petroleum landscape.
He underscored the importance of top-notch geological and geophysical data in facilitating the exploration and development of Nigeria’s hydrocarbon resources, emphasizing the availability of such data through the National Data Repository of NUPRC in collaboration with multi-client partners.
Komolafe elaborated on the diverse range of exploration prospects and discoveries offered in the 12 blocks, catering to varying technical and operational preferences. He emphasized the goal of harnessing innovative exploration techniques and fostering partnerships to enhance production capabilities and ensure environmental sustainability.
The NUPRC boss highlighted the comprehensive approach to resource management, integrating environmental, social, and governance factors into the licensing process to contribute to sustainable development while responsibly harnessing the nation’s natural resources.
He stressed the importance of collaboration among all stakeholders, including government agencies, industry players, and local communities, in ensuring the success of the 2024 Licensing Round. Komolafe noted that the process will be managed under the provisions of the Petroleum Industry Act 2021, which provides enhanced legal and regulatory frameworks to promote investment for the mutual benefit of all stakeholders while ensuring environmental sustainability.
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