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FG begins bidding round for marginal fields

FG begins bidding round for marginal fields FG begins bidding round for marginal fields

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2024 oil block licencing round.

Gbenga Komolafe, chief executive officer (CEO) of NUPRC, made the announcement on May 14 at the Miami International Roadshow for the licencing round.

According to NAN, the event was hosted by NUPRC, in collaboration with the Petroleum Technology Association of Nigeria (PETAN).

Komolafe said the block licencing round would last for about nine months.

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He said the bidding round, which was initially announced on April 29, represents a significant leap in the country’s strategic hydrocarbons development initiative.

The CEO said the round would introduce 12 carefully selected blocks spanning a wide range of geological spectra — from onshore basins to the promising continental shelves and Nigeria’s deep offshore territories.

Each block, Komolafe said, has been selected for its potential to boost “our national reserves and stimulate economic vitality”.

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“The NUPRC on behalf of the federal republic of Nigeria is committed to conducting the licensing round in a fair, competitive and transparent manner, ensuring a level playing field for both indigenous and international investors,” he said.

“Our approach is underpinned by the robust legal framework of the Petroleum Industry Act 2021 (PIA), which ensures compliance with best practices to boost investors confidence.

“In keeping with the provisions of the PIA and regulations made under the Act, the commission has issued a licensing round guideline and published a licensing round plan for the twelve blocks.

“The blocks are PPL 300-CS; PPL 301-CS, PPL 3008, PPL 3009, PPL 2001, PPL 2002, PML 51, PPL 267, PPL 268, PPL 269, PPL 270, and PPL 271.”

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In another statement, Komolafe said the national data repository (NDR) of the NUPRC, in partnership with multi-client partners, is committed to providing access to robust datasets to prospective bidders to enhance their decision-making.

He said in line with the objectives of the licencing round, the offer comprises a range of exploration prospects and discoveries with varying technical and operational preferences.

“Our goal for this licencing round is to harness innovative exploration techniques and foster partnerships that will enhance our production capabilities and ensure environmental sustainability,” he said.

“We anticipate that this initiative will not only expand our operations but also significantly contribute to the global energy supply, aligning with international energy security goals.”

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Komolafe said the licencing round will prioritise environmental, social, and governance (ESG) considerations.

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