By Sunday Etuka, Abuja
The Federal Government through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of 2024 Licensing Round for 19 0il blocks in the country.
Commission Chief Executive, NUPRC, Engr. Gbenga Komolafe made the announcement at the ongoing Offshore Technology Conference (OTC) in Houston, U.S. on Tuesday.
Engr. Komolafe announced that “in keeping with the provisions of the Petroleum Industry Act (PIA) and regulations made under the Act, the Commission has issued a licensing round guideline and published a licensing round plan for the twelve blocks (namely 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).
“In addition to these blocks, the seven deep offshore blocks from the 2022 Mini-Bid Round Exercise which cover an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m shall also be concluded along with this Licensing round”, he said.
The NUPRC boss explained that the PIA empowers the Commission as the Industry Regulator to conduct bidding rounds for the award of PPLs and PMLs pursuant to the Act and applicable Regulations.
He said, to ensure the seamlessness of the Licensing Round exercise, the Commission, in collaboration with its National Data Repository and multi-client partners, guarantees access to comprehensive and high-quality geological data, facilitating informed decision-making and strategic investments.
According to him, “the blocks on offer have extensive 2D and 3D seismic data coverage, including multi-beam and analog data. Additionally, a 3D reprocessed Pre-stack Time Migration of remarkable quality is also available to prospective bidders.
“The availability of advanced seismic datasets and analytical tools via our dedicated portals exemplifies our commitment to excellence and technological advancement”, he added.
Speaking on the expected gains to be derived from the exercise, the CCE said, the Licencing Round is expected to grow the nation’s oil and gas reserves through aggressive exploration and development efforts, boosting production, expanding opportunities for gas utilisation and end to end development across the value chain.
He said, it would also strengthen energy security and economy, providing occasion to gainfully engage the pool of competent companies in the oil and gas sector with multiplier effect in employment opportunities, enabling transfer of technology, valorising petroleum assets in the Nigerian Territory and attracting investments.
On the global scale, Engr. Komolafe said, the Licensing Round will no doubt be beneficial to all stakeholders and will in the long run contribute to long-term global energy sufficiency.
He pledged the Commission’s commitment to conducting the licensing round in a fair, competitive and transparent manner and ensuring a level playing field for both indigenous and international investors. Adding, “Our approach is underpinned by the robust legal framework of the Petroleum Industry Act 2021(PIA), which ensures compliance with best practices to boost investors’ confidence”.
He, therefore, called on foreign investors and partners to participate in the exercise.
“As we launch the Nigerian 2024 Block Licensing Round today at the OTC, 2024 event, we warmly extend invitation to our global partners to join us in this venture.
“The guidelines for participation are structured to ensure fairness and strategic partnership, fostering not just economic returns but also technological exchange and capacity building”, Engr. Komolafe announced.
He revealed that the 2024 Block Licensing Round is scheduled to last for approximately nine (9) months and all interested parties are invited to visit the dedicated NUPRC portal for details on how to participate.
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