The Federal Government of Nigeria has announced the inclusion of 17 deep offshore oil blocks in the 2024 Licensing Round, expanding opportunities for investors in the nation’s oil fields. This announcement follows the recent offer of deep offshore blocks in the 2022/23 mini-bid round, along with additional blocks across onshore, continental shelf, and deep offshore terrains for the upcoming 2024 Licensing Round.
On May 8, 2024, the government invited bids for 12 oil blocks and seven deep offshore assets in the 2024 marginal fields bid round. Subsequently, on June 12, the government increased the number of oil blocks available. Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), provided these updates during a pre-bid conference in Lagos. Komolafe emphasized that bidders have the option to apply for certain assets either as clusters or single units, as detailed in the published guidelines.
To facilitate broader participation, the NUPRC has extended the registration and submission deadline for pre-qualification documents from June 25 to July 5, 2024. The schedule for data access, purchase, evaluation, and bid preparation remains unchanged, starting on July 8 and closing on November 29, 2024. Additionally, the commission has secured approval from President Bola Tinubu to implement attractive fiscal regimes and cap entry fees, ensuring a more accessible process for investors.
Source: PUNCH