The Nigerian Federal Government has unveiled plans for the 2024 Licensing Round, with the announcement of an additional 17 deep offshore oil blocks for oil fields in the country. Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, made the disclosure in a statement on Tuesday.
The move is aimed at increasing exploration activities and attracting more investors to the Nigerian upstream sector. Komolafe emphasized that the update provides expanded opportunities for interested investors to capitalize on the vast oil and gas reserves in the country.
This development reflects the government’s commitment to deriving value from Nigeria’s abundant oil and gas reserves while fostering and encouraging further investment in the Nigerian upstream sector.
In a bid to maximize the potential of the country’s oil and gas resources, the Nigerian Upstream Petroleum Regulatory Commission has been diligently working with multi-client companies to undertake more exploratory activities and acquire additional data. This proactive approach is geared towards creating an environment that facilitates increased production and promotes investment in the sector.
In addition to the new deep offshore oil block offerings, the Federal Government had recently put up some deep offshore blocks for the 2022/23 mini-bid round, as well as other blocks across onshore, continental shelf, and deep offshore terrains for the 2024 licensing round. Notably, a substantial number of oil blocks were made available for the 2024 marginal fields bid round, highlighting the government’s commitment to expanding opportunities within the industry.
Furthermore, the Nigerian Upstream Petroleum Regulatory Commission has extended the deadline for the registration and submission of pre-qualification documents for the 2024 oil block licensing round. Gbenga Komolafe, the Commission Chief Executive, announced that the registration and submission, initially scheduled to close on 25 June, had been extended by 10 days and would now close on 5 July. The data access, purchase, evaluation, bid preparation, and submission period, initially planned to open on 4 July and close on 29 November, will now commence on 8 July and close on the previously scheduled date of 29 November.
The extension of the deadline and the increased number of oil blocks on offer underscore the government’s efforts to facilitate a more inclusive and dynamic environment for oil and gas exploration, production, and investment within Nigeria. These initiatives are expected to attract greater interest from domestic and international stakeholders, contributing to the growth and development of the country’s upstream sector.
