- The NUPRC initiated the 2024 oil bid round, offering 12 oil blocks and seven deep offshore blocks for bidding
- CEO Gbenga Komolafe highlighted regulations ensuring regulatory certainty, eliminating entry barriers, and promoting global competitiveness in the bidding process
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced on Monday that it has initiated the 2024 oil bid round process, offering 12 oil blocks along with seven deep offshore blocks carried over from last year’s bid round.
Engr. Gbenga Komolafe, the CEO of the commission, made this disclosure during the inaugural NEITI House Dialogue held in Abuja. He stated that the bidding process is set to conclude by January of next year.
The newly available green field oil blocks consist of six acreages situated on the continental shelf, four deep offshore blocks, and two onshore blocks in the Niger Delta region, Komolafe noted.
Emphasizing the commission’s commitment to creating a favourable investment environment, Komolafe highlighted the regulations implemented to ensure regulatory certainty, eliminate entry barriers, and promote global competitiveness.
He said, “The licensing round that we are putting in place is designed to enhance the quality data set, and it is going to be conducted in a fair and competitive bidding process in a non-discriminating manner.”
Komolafe also revealed that the Commission recorded revenue of N4.344 trillion in 2023, a 15 percent increase from the N3.78 trillion generated in 2022.
Dr. Orji Ogbonnaya Orji, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), highlighted that the NEITI House Quarterly Dialogue aims to host notable policymakers in Nigeria’s extractive industries and related sectors. These policymakers will address pertinent issues concerning the industry during the dialogue sessions.