The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has decided to extend the registration period for the 2024 licensing bid round by an additional 10 days. This announcement was made by the Commission’s Chief Executive Officer, Engineer Gbenga Komolafe, during a briefing in Abuja on Tuesday. The extension is designed to provide interested investors with more time to capitalize on the expanded opportunities presented by the bid round.
Komolafe elaborated that this extension aligns with the commission’s ongoing efforts to harness the full value of Nigeria’s rich oil and gas reserves. The NUPRC has been diligently working with various multi-client companies to engage in more exploratory activities and acquire additional data. These efforts are intended to stimulate and encourage further investment in the Nigerian upstream sector, thus boosting production and generating greater economic benefits for the country.
In light of the new data acquired, particularly concerning deep offshore blocks, the NUPRC has decided to include 17 more deep offshore blocks in the 2024 licensing round. This development is a significant addition to the opportunities available for investors.
Just a few days prior, the NUPRC had officially announced the commencement of the 2024 Licensing Round at the Offshore Technology Conference held in Houston, Texas. At this high-profile event, Komolafe reiterated Nigeria’s unwavering commitment to advancing its oil and gas sector. He highlighted several incentives introduced by the administration of President Bola Tinubu, aimed at drawing international investors’ interest and involvement in the country’s energy sector.
Komolafe explained that the 2024 licensing round will offer selected blocks that span a variety of geological formations. These formations hold substantial potential for driving economic growth and ensuring energy security, contributing to the overall prosperity of Nigeria. He emphasized that the regulatory framework governing the licensing round is anchored by the Petroleum Industry Act of 2021. This Act is designed to ensure fairness and transparency throughout the process, thereby fostering a high level of confidence among investors.
