LIVE UPDATES
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a 24-hour deadline for new investors to register for the 2024 oil block licensing bid round.
The Chief Executive of NUPRC, Mr. Gbenga Komolafe,made this announcement at the 23rd Nigerian Oil and Gas Energy Conference (NOG) in Abuja.
The theme of the conference was “Showcasing Opportunities, Driving Investment, Meeting Energy Demand.” Komolafe stated that the registration and submission of pre-qualification documents will close at midnight on Friday, July 5, 2024.
In his presentation titled “Defining the Outlook for Deep Water Exploration and Production in Nigeria,” Komolafe mentioned that the technical and commercial bid submission processes, including data access, data purchase, evaluation, bid preparation and submission, technical bid evaluation, publication of pre-qualified companies, and the commercial bid conference, would commence on August 7 and conclude on December 13.
He also stated that ministerial consent, contracting, and negotiation would start on December 16 and end on January 29, 2025.
Komolafe noted that the total number of blocks available was 31, with five blocks currently under litigation.
Additionally, he highlighted the commission's efforts to unlock new gas reserves by conducting a comprehensive integrated study on the reactivation of shut-in strings in Nigeria, aiming to unlock 700 Million Barrels of Oil Per Day (MBOPD).
