By Adedapo Adesanya
Nigeria has commenced processes for the 2024 oilfields bid round with 12 oil blocks and five deep offshore assets from last year’s bid exercise.
The Chief Executive Officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, said the oil bids would be concluded by January next year.
“In totality, we target to complete 17 blocks on offer between now and early next year,” he revealed.
He stated that the new green field oil blocks on offer include six acreages located on continental shelf, four deep offshore blocks and two onshore blocks in the Niger Delta.
He explained that the commission had put in place regulations to create a conducive investment environment by ensuring regulatory certainty, vacating entry barriers and promoting global competitiveness.
The NUPRC boss stressed that the licencing round will be conducted in a fair and competitive bidding process in a non-discriminating manner.
He noted that some criteria required for acquiring the blocks include technical competence, financial capacity and viability.
“The licensing round that we put in place is designed to enhance quality data sets and is going to be conducted in a fair, transparent, and competitive bidding process and in a non-discriminatory manner as stipulated in Sections 73 and 74 of the Petroleum Industry Act (PIA).
“It is gratifying that in the last three years, you will see the growth of revenue generation by the commission. The commission has successfully been meeting and surpassing the revenue targets set by it, and that equally speaks to the transparent approach in revenue reporting by the commission.
“Permit me to conclude by reassuring all our stakeholders, members of the civil society, of our commitment to sustaining our ongoing efforts in ensuring optimal development of Nigeria’s petroleum resources.
“This would be a good opportunity for us to, as we are planning to commence the 2024 licensing round, that it would be a good opportunity to launch this critical programme before these eminent stakeholders are seated here today.
“So, ladies and gentlemen, it is my pleasure and honour to announce to you that the 2024 licensing round as described in the Petroleum Industry Act will commence at the end of this month. The process has commenced and will set very clear criteria that will guide the implementation of the process from transparently beginning to the end.”
