NUPRC Begins Bidding For 12 Oil Blocks.

NUPRC Begins Bidding For 12 Oil Blocks.

Nigerian Upstream Petroleum Regulatory Commission has declared the

commencement of the bidding process for 12 oil blocks recently listed for

sale which signals the start of the 2024 Nigeria Petroleum Licensing Round

and the resumption of the 2022/2023 mini-bid round.

A statement signed by the commission’s chief executive, Gbenga Komolafe in

Abuja said, last month, the commission issued the first announcement on

the bidding process and also waived the signature bonus requirement in the

bidding process to woo investors for the auctioned oil blocks.

According to him, this licensing round marks a significant milestone in our

commitment to fostering sustainable growth and innovation within the

energy sector, while providing economic opportunities for investment to spur

new exploration, and development activities within our Petroleum landscape.

He also said, the 2024 Licensing Round represents an opportunity for both

domestic and international stakeholders to engage in the exploration and

development of Nigeria’s hydrocarbon resources, stressing that, the core of

this approach is the availability of top-notch geological and geophysical data.

Komolafe said, the National Data Repository of NUPRC, in collaboration with

multi-client partners, are committed to providing access to extensive and

robust datasets to prospective bidders to enhance their decision-making.

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