FG Commences Allocation Of New Oil Blocks

The Federal Government has announced the commencement of allocation of the 2024 oil block licensing round. The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, said the 2024 block licensing round would last for approximately nine months.

He said unveiling of the bidding round was initially announced on 29 April, adding that it was a significant leap in the strategic hydrocarbons development initiative. He spoke at the Miami, Florida International Roadshow for the 2024 licensing round, hosted by the NUPRC, in collaboration with Petroleum Technology Association of Nigeria (PETAN).

According to him, the round would introduce 12 meticulously selected blocks across diverse geological spectra from the fertile onshore basins to the promising continental shelves and the untapped depths of Nigeria’s deep offshore territories. Komolafe said: “Each block has been chosen for its potential to bolster our national reserves and stimulate economic vitality.

“The NUPRC on behalf of the Federal Republic of Nigeria is committed to conducting the licensing round in a fair, competitive and transparent manner, ensuring a level playing field for both indigenous and international investors. “Our approach is underpinned by the robust legal framework of the Petroleum Industry Act 2021 (PIA), which ensures compliance with best practices to boost investors’confidence.

“In keeping with the provisions of the PIA and regulations made under the Act, the commission has issued a licensing round guideline and published a licensing round plan for the twelve blocks. “The blocks are PPL 300-CS; PPL 301- CS, PPL 3008, PPL 3009, PPL 2001, PPL 2002, PML 51, PPL 267, PPL 268, PPL 269, PPL 270, and PPL 271.” He added:

“Additionally, a 3D reprocessed Pre-stack Time Migration of remarkable quality is also available to prospective bidders. “The availability of advanced seismic datasets and analytical tools via our dedicated portals exemplifies our commitment to excellence and technological advancement.

“In addition, the licencing round presents us with the opportunity to reinforce Nigeria’s commitment to openness and transparency in line with the principles of the Extractive Industry Transparency Initiative (EITI). “The implementation process will, in addition to technical and commercial considerations, pay requisite attention to strategies, processes and implementable plans consistent with net zero carbon emission targets, eliminating gas flares.”