The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has kicked off its highly anticipated 2024 licensing round, presenting a diverse portfolio of oil blocks that includes both onshore and offshore assets.
This licensing round offers a strategic opportunity for domestic and international companies to engage in exploration and production activities, thereby contributing to the development of Nigeria’s oil and gas reserves while enhancing the country’s energy security and economic prosperity.
With 12 oil blocks on offer, including five deep offshore assets carried over from the previous year’s round, prospective investors have until January 2025 to explore opportunities in Nigeria’s prolific petroleum sector.
These blocks cover various geographical locations, including six greenfield oil blocks on the continental shelf, four deep offshore blocks, and two onshore blocks in the Niger Delta region, providing investors with a wide range of options to align with their strategic objectives and operational capabilities.
NUPRC’s overarching goal is to create an investment-friendly environment by ensuring regulatory clarity and removing entry barriers within Nigeria’s upstream industry.
Prospective bidders will undergo evaluation based on criteria such as technical expertise, financial strength, and project viability, ensuring that successful applicants are well-equipped to conduct exploration and production activities effectively.
Gbenga Komolafe, CEO of NUPRC, underscored the commission’s commitment to conducting the licensing round with integrity and fairness.
Transparency, competitiveness, and non-discrimination are fundamental principles guiding the bidding process, aimed at instilling investor confidence and fostering sustainable growth in Nigeria’s petroleum sector.
