Nigerian Upstream Petroleum Regulatory Commission Initiates 2024 Oil Bid Round

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2024 oil bid round, revealing that 12 oil blocks are up for grabs along with seven deep offshore blocks from the previous bid round.

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Engr. Gbenga Komolafe, Chief Executive of the Commission, made this disclosure during the inaugural NEITI House Dialogue in Abuja, stating that the process is slated for completion by January next year.

The newly available green field oil blocks consist of six acreages located on the continental shelf, four deep offshore blocks, and two onshore blocks in the Niger Delta region.

Engr. Komolafe emphasized that the Commission has established regulations to foster a conducive investment climate, ensuring regulatory certainty, eliminating entry barriers, and promoting global competitiveness.

He stated, “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.”

Criteria for acquiring the blocks include technical competence, financial capacity, and viability, he added.

Furthermore, the Commission reported a revenue increase of 15 percent, reaching N4.344 trillion in 2023 compared to N3.78 trillion generated in 2022.

Meanwhile, the NUPRC has outlined guidelines for the proposed divestment of Shell Petroleum Development Company of Nigerian Limited (SPDC) assets. These assets, currently operated by SPDC on behalf of its Joint Venture partners, hold significant reserves contributing to Nigeria’s hydrocarbon resources.


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