NUPRC Begins 2024 Bid Round for 12 Oil Blocks

May 13, 2024

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, May 13, announced its commencement of the 2024 Nigeria Petroleum Licensing Round and resumption of 2022/2023 with 12 oil blocks for offer.

This was contained in a statement by the commission’s chief executive, Gbenga Komolafe, issued in Abuja.

He said: “Announcement of the commencement of the 2024 Nigeria Petroleum Licensing Round and resumption of 2022/2023 Mini Bid Round On behalf of the Federal Government of Nigeria, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is pleased to announce the commencement of the 2024 Petroleum Licensing Round.”

On the number of blocks for the offer, Komolafe noted: “We have identified twelve (12) blocks that cut across deep offshore, shallow water and onshore terrains to be made available to interested investors.”

According to him, this licensing round marked a significant milestone in the commission’s 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 the petroleum landscape.

He explained that the 2024 Licensing Round represented an opportunity for both domestic and international stakeholders to engage in the exploration and development of Nigeria’s hydrocarbon resources.

Komolafe added that central to this, was the availability of high-quality geological and geophysical data.

He said the National Data Repository (NDR) of NUPRC, in collaboration with multi-client partners, was committed to providing access to extensive and robust datasets to prospective bidders to enhance their decision-making.

Commenting on the offer of 12 blocks, Komolafe 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.

“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 added.

Emphasizing a holistic approach to resource management, Komolafe said the 2024 Licensing Round prioritized environmental, social, and governance (ESG) considerations.

NUPRC, he said, was committed to ensuring that exploration activities were conducted in a manner that minimized carbon emissions and mitigated environmental impact.

The NUPRC boss noted that by incorporating ESG criteria into the licensing process, stakeholders could contribute to sustainable development while harnessing the nation’s natural resources responsibly.

According to him, the success of the 2024 Licensing Round hinged on collaboration among all stakeholders, including government agencies, industry players, and local communities.

Komolafe said by fostering a conducive investment environment and promoting best practices in resource management for shared prosperity.

He also noted that the 2024 licensing Round was the second in a series of bid rounds and would be managed by NUPRC under the provisions of the Petroleum Industry Act 2021 (PIA).

Komolafe said the PIA provided enhanced legal and regulatory rules that encouraged and promoted investment for the mutual benefit of the people of the Federal Republic of Nigeria (FRN), international and national investors, and the host communities while ensuring environmental sustainability.