The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has removed five (5) oil blocks from the ongoing 2024 Licensing Round because of ongoing legal disputes. The affected blocks are PPL3008, PPL3009, PML51, PPL267, and PPL268.
Despite this setback, the NUPRC has increased the total number of blocks available for bidding. The deadline for registration and pre-qualification document submission has also been extended by 10 days to July 5th, 2024, to allow interested investors more time.
This news comes alongside a significant reduction in signature bonuses, which are upfront payments made by successful bidders. President Buhari slashed the bonus from around $200 million to $10 million for deepwater blocks and $7 million for shallow water and onshore blocks. This aims to attract more investment and development in the Nigerian oil sector.
Source: PUNCH