Apply: FG Invites Nigerians To Submit Applications To Take Over 12 New Oil Blocks

Apply: FG Invites Nigerians To Submit Applications To Take Over 12 New Oil Blocks

  • The Federal Government of Nigeria has announced plans to hand over 12 new oil blocks for exploration and production
  • The bidding is expected to be transparent and competitive, with a focus on technical expertise and environmental best practices
  • The move comes days after the successful commencement of production in a newly discovered oil well

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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2024 Nigeria Petroleum Licensing Round and the resumption of 2022/2023 with 12 oil blocks for offer.

This was disclosed in a statement by Gbenga Komolafe, the commission's chief executive, issued in Abuja.

Nigeria oil blocks
FG begins bidding round for 12 oil blocks Photo credit: STR / Contributor
Source: Getty Images

According to Komolafe, the new twelve (12) blocks cut across deep offshore, shallow water, and onshore terrains.

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He said that it is now available to interested investors.

Komolafe words:

“Announcement of the commencement of the 2024 Nigeria Petroleum Licensing Round and resumption of 2022/2023 Mini Bid Round On behalf of the Federal Government of Nigeria, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is pleased to announce the commencement of the 2024 Petroleum Licensing Round.
“We have identified twelve (12) blocks that cut across deep offshore, shallow water and onshore terrains to be made available to interested investors.”

Why is government licencing?

The commission boss explained that the licensing round represents a key milestone in our dedication to sustainable growth and innovation in the energy sector. It offers economic opportunities for investment to stimulate new exploration and development activities within our petroleum landscape.

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He added that the 2024 Licensing Round presents an opportunity for domestic and international stakeholders to explore and develop Nigeria's hydrocarbon resources.

Regarding the offer of 12 blocks, he noted that, in line with the licensing round's objectives, the offer includes a diverse range of exploration prospects and discoveries with varying technical and operational preferences, Punch reports.

Komolafe added:

“Our goal for this licensing round is to harness innovative exploration techniques and foster partnerships that will enhance our production capabilities and ensure environmental sustainability.
“We anticipate that this initiative will not only expand our operations but also significantly contribute to the global energy supply, aligning with international energy security goals.”

Komolafe also noted that the 2024 licensing Round is the second in a series of bid rounds and will be managed by NUPRC under the Petroleum Industry Act 2021 (PIA) provisions.

Nigeria discovers new oil well

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In a related development, Legit.ng reported that the Nigerian National Petroleum Company (NNPC) and Natural Limited Oilfield Services have begun oil production in a new well.

The NNPC stated that the new oil well, OML 13 in Akwa Ibom State, is expected to produce 40,000 barrels per day.

The company said the NNPC and its partners have already commenced the production of 6,000 barrels at the OML.

Source: Legit.ng

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