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The federal government has commenced the 2024 oil bid round process with 12 oil blocks on offer and seven deep offshore blocks from last year’s bid round.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which disclosed this yesterday, said the process will be concluded by January next year.
The commission chief executive, Gbenga Komolafe made these known during his presentation at the maiden NEITI House Dialogue in Abuja, said the federal government is targeting injection of $3 billion capital investment to fund projects in the Nigerian Gas Flare Commercialisation Programme (NGFCP) and the creation of 300,000 jobs.
He said other potential economic and social benefits from the flare gas commercialization program: six million households given access to clean energy through LPG, 20 million tons of carbon dioxide emissions per year eliminated: 600,000MT of LPG unlocked per year while 2.5 GW power generated from new and existing IPPs.
Speaking on the bid round, Engr. Komolafe said the new green field oil blocks on offer include six acreages located on continental shelf, four deep offshore blocks and two onshore blocks in the Niger Delta.
He explained that the Commission has put in place regulations to create a conducive investment environment by ensuring regulatory certainty, vacating entry barriers and promoting global competitiveness.
