The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in partnership with industry operators and service providers have analysed ways to harness Nigeria’s 1.6 billion heavy crude oil reserves, out of which it said only 5% is currently developed.
Nigeria’s total oil production increased marginally by 1.45 per cent in May 2024 to 1.46 million barrels per day, up from 1.44 million barrels per day in April.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe has stated that the current oil block bid for 2024 is meant for investors with financial capacity and technical competence.
There are indications that Nigeria’s 2024 national budget may have come under funding threats following sustained decline in oil price amidst stagnation in crude oil output level.
The Nigerian Upstream Petroleum Regulatory Commission, on Sunday, announced that it would work with Schlumberger Global to develop frontier oil basins in Nigeria.
Schlumberger, globally known as SLB Global, is a major player in the oil and gas industry, while Nigeria’s frontier basins are regions with potential for oil and gas reserves that have not been extensively explored yet.
Nigeria produced 159,158,191 barrels of crude oil in the first four months of 2024; data by the Nigerian Upstream Petroleum Regulatory Commission has shown.
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.
In a bid to create more awareness on the 2024 Nigeria Petroleum Licensing Round and resumption of 2022/2023 Mini Bid Round, the Nigerian Upstream Petroleum Regulatory Commission has placed an advert in The New York Times to market the new old blocks for foreign investors.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it has received presidential approval to remove all entry barriers to the licensing round including reducing the entry fee to the barest minimum.
The Nigerian Upstream Petroleum Regulatory Commission has announced the commencement of the bidding process for 12 oil blocks recently listed for sale.