NUPRC Identifies New Oil Blocks For 2024 Bid Round

By Sunday Etuka, Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says, it has identified new oil blocks that would be added to the 19 oil blocks originally scheduled for the 2024 bid round.

Commission Chief Executive, NUPRC, Engr. Gbenga Komolafe who disclosed this at a Pre-Bid Conference for 2024 Licensing Round on Tuesday in Lagos State, said the details of the newly identified oil blocks would be made available on the bid round portal.

The Commission opened a dedicated bid portal to allow prospective bidders register/submit Pre-Qualifications documents on or before the stipulated 25th June, 2024 deadline.

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Originally scheduled for the 2024 bid round were 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’; and 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.

Speaking, the NUPRC boss said, the Commission on behalf of the Federal Republic of Nigeria is committed to conducting the licensing round in a fair, competitive and transparent manner, and also ensure a level playing field for both indigenous and international investors.

He noted that to ensure the seamlessness of the Licensing Round exercise, the NUPRC, in collaboration with National Data Repository and multi-client partners, guarantees access to comprehensive and high-quality geological data, facilitating informed decision-making and strategic investments.

“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”, he said,

According to him, “the availability of advanced seismic datasets and analytical tools via our dedicated portals exemplifies our commitment to excellence and technological advancement”.

Engr. Komolafe said, “the Licencing Round is indeed expected to be a huge success for Nigeria and is a big step towards growing 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”.

It is also expected to strengthen energy security and economy, provide occasion to gainfully engage the pool of competent companies in the oil & gas sector with multiplier effect in employment opportunities, enabling transfer of technology, value optimisation from our petroleum assets and attracting investments.

On the global scale, he 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.

Komolafe disclosed that the Nigeria under President Bola Tinubu, as the Minster of Petroleum Resources has proactively and intuitively vacated barrier to entry for investment in exploration blocks being offered, in both the 2022 deep offshore bid round and the 2024 licensing round, in line with international best practices.

“The 2024 Block Licensing Round is scheduled to last for approximately nine (9) months and all interested parties are once again invited to visit the dedicated NUPRC portal: for details on how to participate.

“We have also provided an official email address, phone numbers and dedicated support line to guide applicants through the Licensing Round process”, he said.

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