The commission said the 2024 block licensing round would last for approximately nine months.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the initiation of the bidding process for 12 recently available oil blocks, marking the start of the 2024 Nigeria Petroleum Licensing Round.

NUPRC’s Chief Executive, Gbenga Komolafe, made this revelation during the Miami, Florida International Roadshow for the 2024 licensing round, which is expected to span approximately nine months.

Mr. Komolafe highlighted that this initiative, initially announced on April 29, 2024, represents a significant leap forward in strategic hydrocarbons development. The round will introduce 12 meticulously selected blocks covering diverse geological terrains, from onshore basins to continental shelves and deep offshore regions, each chosen for its potential to enhance national reserves and drive economic growth. According to him,  Operating under the legal framework of the Petroleum Industry Act 2021 (PIA), NUPRC is committed to conducting the licensing round with fairness, competitiveness, and transparency, ensuring equal opportunities for both local and international investors.

A licensing round guideline and plan have been issued for the twelve blocks, including PPL 300-CS; PPL 301-CS, PPL 3008, PPL 3009, PPL 2001, PPL 2002, PML 51, PPL 267, PPL 268, PPL 269, PPL 270, and PPL 271. Additionally, seven deep offshore blocks from the 2022 mini-bid round will be concluded alongside this licensing round, offering extensive 2D and 3D seismic data coverage, showcasing technological advancement.

The licensing round is expected to significantly enhance Nigeria’s oil and gas reserves through robust exploration and development efforts, aligning with transparency commitments outlined by the Extractive Industry Transparency Initiative (EITI). Komolafe emphasized the global benefits of the round, including contributing to long-term energy sufficiency and aligning with net-zero carbon emission targets. Interested parties can access participation details through the dedicated NUPRC portal, with the 2024 block licensing round scheduled to continue for approximately nine months.