May 22, 2024
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Nigerian Government to Auction 12 Oil Blocks

The Nigeria Upstream Petroleum Regulatory Commission, NUPRC, has announced plan to unveil a new oil bid round during which 12 blocks in the continental shelf and deep offshore will be offered to bidders.

The Chief Executive Officer, CCE, of the Commission, Gbenga Komolafe, during a meeting with the Independent Petroleum Producers Association, IPPG and Oil Producer Trade Group, OPTS, made this revelation.

Komolafe, revealed the Regulatory Action Plan of NUPRC for the year 2024, which was issued on 1st January with the hope of setting direction for the industry’s activities. The plan attracted both local and international media publicity, he explained.

Independent newspaper gathered that he described the Regulatory Action Plan by saying, “It is a roadmap that outlines our vision for the upstream oil and gas to enable shared prosperity. It is our firm believe that this parley would afford us the opportunity to x-ray the Action Plan,expatiate the underlining premises and secure vital insights from you that will enrich its implementation.”

While speaking on the bid, Komolafe said that is is in line with the provisions of Section 73 of the Petroleum Industry Act, PIA. He added that the commission will complete the 2022/2023 Mini Bid Round then it will conduct a new Bid Round of 12 Blocks located in the continental shelf and deep offshore.

He urged investors to participate in the upcoming bid round.

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