June 13, 2024
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OIL & GAS

Nigeria to Unveil 2024 Licensing Round Details at IAE Forum in Paris

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is set to present its 2024 licensing round during a dedicated “Invest in Nigeria” session at the Invest in African Energy Forum in Paris next week.

Tasked with overseeing the technical and commercial aspects of upstream petroleum operations in Nigeria, the Commission will unveil its energy development strategy for 2024, along with its recent licensing round launched earlier this month.

This round, which closes its bid deadline in January 2025, features 12 oil blocks, including five deep offshore blocks carried over from last year, spanning a range of greenfield, offshore, and onshore assets.

Nigeria aims to attract both local and international explorers to its acreage, aiming to bolster its reserve base, optimize production, and enhance energy security.

The event, IAE 2024, occurring on May 14-15, 2024, in Paris, serves as a platform for European investors to engage with African energy markets, offering intensive interaction with industry experts, investors, and policymakers over two days.

Led by NUPRC CEO Engr. Gbenga Komolafe and Executive Commissioner, Exploration & Acreage Management, Indabawa Bashari Alka, the presentation is part of a broader session spotlighting Nigeria’s latest energy sector advancements.

With a focus on fostering a business-friendly environment and ensuring regulatory clarity to attract fresh investment, the Commission aims to capitalize on the strategic opportunity presented by the forum, as Nigeria endeavors to secure up to $7.6 billion in upstream investments, targeting a production restoration to 2.1 million barrels per day.

Sandra Jeque, Event & Project Director at Energy Capital & Power, emphasizes the IAE forum’s role as a prime platform for investors to access Africa’s key investment prospects, including licensing rounds and farm-in opportunities, and to engage directly with African regulators, offering insights into Nigeria’s bid round criteria and additional prospects in oil and gas exploration, LNG, refining, and beyond.

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