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.
The Nigerian Upstream Regulatory Commission, on Sunday, revealed that Nigeria’s crude oil production rose marginally to 1.28 million barrels per day in April.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC has promised to create a sustainable environment for the sale and operations of Nigeria’s 19 oil blocks put forward for sale by the government.
With the potential approval of ExxonMobil’s $1.28 Billion asset sale to Seplat, Nigeria anticipates increased oil production.
In a move to further revitalise the oil and gas industry’s contribution to the Nigerian Economy, the minister of finance and coordinating minister of the economy, Wale Edun, yesterday presided over a signing ceremony at the Federal Ministry of Finance headquarters in Abuja endorsing the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector – a cornerstone of the Presidential Directive aimed at enhancing the Nigerian oil & gas sector’s global competitiveness whilst stimulating economic growth.
There are indications that the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the regulator of Nigeria’s upstream oil sector, is not responsible for the alleged delay in granting consent to the sale of $1.3 billion of ExxonMobil’s 40 percent stake in Mobil Producing Nigeria Unlimited, MPNU’s assets, to Seplat Energy Plc.