The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2024 oil bid rounds, presenting approximately 12 oil blocks to potential investors. Gbenga Komolafe, the Chief Executive of NUPRC, revealed this during the inaugural NEITI House Dialogue organized by the Nigerian Extractive Industries Transparency Initiative in Abuja.
Komolafe assured stakeholders of a fair and transparent bidding process, emphasizing the adherence to clear criteria outlined in the Petroleum Industry Act. He described the offered assets as primarily greenfield, indicating that they are undeveloped and present promising investment opportunities.
The bidding process, in line with the Petroleum Industry Act, will kick off at the end of the month, with efforts focused on offshore marketing to attract investors. Komolafe highlighted the commission’s responsibility to promote the nation’s hydrocarbon resources and facilitate engagement with prospective investors.
Source: Business Day