Industry & Money

FG Begins Fresh Bid Rounds for Oil Blocks

The Federal Government on Monday announced the commencement of the 2024 oil bid rounds in accordance with the provisions of the Petroleum Industry Act.

It announced this in Abuja at the first edition of the NEITI House Dialogue organised by the Nigerian Extractive Industries Transparency Initiative, where the Nigeria Upstream Petroleum Regulatory Commission also revealed that it made N4.34tn revenue in 2023.

Speaking at the event, the Chief Executive, NUPRC, Gbenga Komolafe, said the oil licensing rounds were designed to enhance quality data set and would be conducted in a fair, transparent and competitive bidding process in a non-discriminatory manner as stipulated on Sections 3 and 74 of the PIA.

“It is my pleasure to announce to you that the 2024 licensing round as prescribed in the Petroleum Industry Act will commence from the end of this month and we will be going offshore to market it as part of our job. “Our job equally entails marketing of the nation’s hydrocarbon resources to prospective investors. So we are going to do that, and the process has commenced. We’ve set very clear criteria to guide the implementation of the process from the beginning to the end transparently,” he stated.

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