Industry & Money

NUPRC Begins Bidding Round for 12 Oil Blocks

The Nigerian Upstream Petroleum Regulatory Commission has announced the commencement of the bidding process for 12 oil blocks recently listed for sale.

It also signals the start of the 2024 Nigeria Petroleum Licensing Round and the resumption of the 2022/2023 mini-bid round. This was contained in a press release signed by the commission’s chief executive, Gbenga Komolafe on Monday in Abuja.

Last month, the commission issued the first announcement on the bidding process. It also waived the signature bonus requirement in the bidding process to woo investors for 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.” 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.” According to him, this licensing round marks a significant milestone in our 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 our Petroleum landscape.

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