Nigeria Expands Oil Block Opportunities to Investors

Date:

The Nigerian government, via the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has opened up all blocks from the 2022/23 bid round to investors as part of the 2024 licensing rounds. This announcement was made by Gbenga Komolafe, the Commission Chief Executive, in an official document titled ‘Update on the 2022/2023 and 2024 Licensing Rounds’ released in Abuja.

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Komolafe explained that this initiative aims to ensure fairness and equal opportunity for all investors, noting that the criteria for awarding oil blocks have become more attractive than they were during the 2022/23 Mini Bid Round. The Commission had previously offered several deep offshore blocks for the 2022/23 Mini Bid Round and additional blocks across onshore, continental shelf, and deep offshore terrains for the Nigeria 2024 Licensing Round.

To remove entry barriers, President Tinubu approved favorable fiscal regimes and reduced entry fees by capping the signature bonus payable for the acreages awarded.

Komolafe emphasized, “It is necessary to ensure that the same bid criteria (in addition to the uniform signature bonus criteria) are applicable for both licensing rounds, to promote transparency and provide a level playing field for all bidders. All blocks in the 2022/23 and 2024 Licensing Rounds are available to interested investors on br.nuprc.gov.ng and br2024.nuprc.gov.ng respectively. The 2022/23 Mini Bid Round registration phase is reopened to new applicants.”

He also mentioned that prequalified applicants from the 2022/23 Mini Bid Round would not need to undergo a new pre-qualification process, as their technical submissions remain valid for the 2024 Licensing Round. However, they are encouraged to submit new Commercial Bids to benefit from the updated criteria and revise their Bid Bonds accordingly.

Additionally, Komolafe announced the inclusion of seventeen new deep offshore blocks in the 2024 Licensing Round, based on newly acquired data. Details on these blocks can be found on the bid portal.

The Commission has adjusted the 2024 licensing round schedule, extending the submission deadline for Pre-Qualification Documents from June 25, 2024, to July 5, 2024. The period for Data Access/Data Purchase/Evaluation/Bid Preparation and Submission, initially set to open on July 4, 2024, will now begin on July 8, 2024, and close on November 29, 2024, as previously scheduled.

All other dates in the published 2024 Licensing Round Schedule remain unchanged unless otherwise communicated. Bidders have the option to apply for specific assets as clusters or as single units.

For further information, refer to the Frequently Asked Questions (FAQ) sections of the 2022/23 and 2024 Licensing Round Portals or contact the Commission at br.nuprc.gov.ng or br2024@nuprc.gov.ng.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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