The Federal Government, On Tuesday, presented 12 oil blocks and five deep offshore assets for sale to global oil sector investors at the 2024 Offshore Technology Conference in Houston, United States. 

At the African Oil Industry Opportunities Session, Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Regulatory Commission, informed investors that Nigeria holds 37.5 billion barrels of crude oil and condensate reserves, as well as 209.26 trillion cubic feet of natural gas reserves, accounting for over 30% and 33% of Africa's oil and gas reserves.

He also highlighted the country's abundant mix of renewable energy resources.

Komolafe emphasized that the NUPRC, empowered by Section 7(t) of the Petroleum Industry Act, is responsible for conducting bidding rounds for the award of Petroleum Prospecting Licences (PPLs) and Petroleum Mining Licences (PMLs) in accordance with the Act and applicable regulations.

“It is on this premise that the Federal Government through the Nigerian Upstream Petroleum Regulatory Commission is pleased to announce the commencement of the 2024 Licensing Round at this global event for participation by international investors with financial and technical capacity.

“The exercise, initially announced on April 29, 2024, is a significant leap in our strategic hydrocarbons development initiative. This round introduces 12 meticulously selected blocks across diverse geological spectra from the fertile onshore basins to the promising continental shelves and the untapped depths of our deep offshore territories.”

Komolafe said each block had been chosen for its potential to bolster the country’s reserves and stimulate economic vitality.

He told his listeners that the NUPRC on behalf of the Federal Republic of Nigeria was committed to conducting the licensing round in a fair, competitive, and transparent manner.

“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 12 blocks (namely 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).

“In addition to these blocks, the seven deep offshore blocks from the 2022 Mini-Bid Round Exercise which covers an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m shall also be concluded along with this licensing round,” Komolafe stated.

He further stated that as the government launches “the Nigerian 2024 Block Licensing Round today at the OTC, 2024 event, we warmly invite our global partners to join us in this venture.

He said the guidelines for participation are structured to ensure fairness and strategic partnership, fostering not just economic returns but also technological exchange and capacity building.

The commission further stated that the 2024 oil fields’ bid round for the 12 oil blocks and five deep offshore assets would end by January 2025.

“New greenfield oil blocks on offer include six acreages located on the continental shelf, four deep offshore blocks, and two onshore blocks in the Niger Delta. Some criteria that will apply to the 2024 bid round include a demonstration of technical competence, financial capacity, and viability.

“It is hoped that with these criteria, the 2024 licensing round will be conducted in a fair, competitive, and non-discriminatory manner, as stipulated in Sections 73 and 74 of the Petroleum Industry Act, 2021,” it stated.

The upstream regulator stated that the commencement of the 2024 bid round signified a significant opportunity for investors and companies to participate in developing Nigeria’s oil and gas sector.

It stated that the inclusion of both the new greenfield blocks and those from the previous bid round highlights the government’s commitment to maximising the potential of its petroleum resources.

“With a focus on technical competence, financial capacity, and fairness, the NUPRC aims to ensure that the licensing round is conducted transparently and by the provisions of the Petroleum Industry Act,” it stated.