The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has embarked on its 2024 licensing round, featuring a diverse portfolio of oil blocks, including both onshore and offshore assets.
NUPRC’s 2024 licensing round presents a strategic opportunity for domestic and international companies to engage in exploration and production activities, contributing to the development of Nigeria’s oil and gas reserves while bolstering the country’s energy security and economic prosperity.
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Oil licensing round
This offering includes 12 oil blocks, along with 5 deep offshore assets carried over from the previous year’s round. Available until January 2025, these acreages present opportunities for exploration and development in Nigeria’s prolific petroleum sector.
The blocks on offer encompass various geographical locations, with 6 greenfield oil blocks positioned on the continental shelf, 4 deep offshore blocks, and 2 onshore blocks located in the Niger Delta region. This array provides investors with a range of options suited to their strategic objectives and operational capabilities.
NUPRC’s primary goal is to foster an investment-friendly atmosphere by ensuring regulatory clarity and eliminating obstacles to entry within Nigeria’s upstream industry. Prospective bidders will be evaluated based on criteria such as technical expertise, financial robustness, and project viability, ensuring that successful applicants possess the requisite capabilities to undertake exploration and production activities effectively.
Gbenga Komolafe, CEO of NUPRC, underscored the commission’s commitment to conducting the licensing round with integrity and fairness, emphasizing transparency, competitiveness, and non-discrimination throughout the bidding process. This approach aims to instill confidence among investors and promote sustainable growth in Nigeria’s petroleum sector.