LAGOS, Nigeria (VOICE OF NAIJA)-The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has launched the bidding process for 12 oil blocks recently put up for sale, marking the beginning of the 2024 Nigeria Petroleum Licensing Round and resuming the 2022/2023 mini-bid round
The information was detailed in a press release signed by the commission’s chief executive, Gbenga Komolafe in Abuja on Monday.
The commission had previously issued the initial announcement on the bidding process last month.
Additionally, it waived the signature bonus requirement in the bidding process to attract investors to 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 for 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 emphasized that this licensing round signifies a major milestone in their dedication to promoting sustainable growth and innovation in the energy sector, while also creating economic opportunities for investment to stimulate new exploration and development activities in Nigeria’s petroleum industry.
Furthermore, he highlighted that the 2024 Licensing Round presents an opportunity for both domestic and international stakeholders to participate in the exploration and development of Nigeria’s hydrocarbon resources.
He underscored that the availability of top-notch geological and geophysical data is central to this approach.
Komolafe noted that the National Data Repository of NUPRC, in collaboration with multi-client partners, is dedicated to granting access to extensive and robust datasets to prospective bidders, thereby enhancing their decision-making process.
Regarding the offering of 12 blocks, he mentioned that in alignment with the objectives of the licensing round, the offer includes a diverse range of exploration prospects and discoveries, catering to varying technical and operational preferences.
Komolafe added, “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.
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“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 emphasized a comprehensive approach to resource management, stressing that the 2024 Licensing Round prioritizes environmental, social, and governance factors.
Furthermore, the NUPRC boss highlighted the incorporation of ESG criteria into the licensing process, noting that stakeholders can play a role in sustainable development while responsibly harnessing the nation’s natural resources.
He emphasized that the success of the 2024 Licensing Round relies on collaboration among all stakeholders, including government agencies, industry players, and local communities.
He added that fostering a conducive investment environment and promoting best practices in resource management are essential for shared prosperity.
Komolafe clarified that the 2024 Licensing Round is the second installment in a series of bid rounds and will be overseen by NUPRC in accordance with the Petroleum Industry Act 2021.
He elaborated that the PIA offers improved legal and regulatory frameworks that encourage and facilitate investment, benefiting the people of Nigeria, international and national investors, and host communities, while ensuring environmental sustainability.