Nigeria Extends and Expands 2024 Oil Licensing Round Amid Investor Interest

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Nigerian Upstream Regulatory Commission (NUPRC) has expanded and extended the offering for the 2024 oil licensing round. Gbenga Komolafe, head of NUPRC, announced the expansion, citing increased exploratory activities and data acquisition that have sparked significant investor interest.

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Komolafe highlighted that the extension now includes 17 additional deep offshore blocks, originally launched with 19 onshore and deepwater blocks in April. This move aims to maximize exploitation of Nigeria’s substantial oil and gas reserves, estimated at 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas.

To enhance attractiveness, the NUPRC has reduced entry fees (signature bonuses) from approximately $200 million per field to $10 million. The registration deadline has been extended by 10 days, with bid submissions now scheduled to open on July 8 and close on November 29. Komolafe emphasized the process’s transparency and fairness, offering online submissions through the regulator’s website and allowing bidders flexibility in leasing single units or clusters of oil blocks.

BusinessDay, citing NUPRC sources, reported the addition of deep offshore blocks to the licensing round, underscoring heightened investor enthusiasm for Nigeria’s oil and gas sector.

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