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NUPRC Goes Global, Markets 12 Fresh Old Blocks In New York Times To Attract Foreign Investors

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 advert, which was placed on page 3 of The New York Times on Monday is a confirmation of the preparedness of the administration of President Bola Tinubu who is himself the Minister of Petroleum Resources to unlock investments in the oil and gas sector.

The twelve new 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 including 7 old blocks in the 2022 mini-bid are on offer by the NUPRC.

This Licensing Round marks a significant milestone in the NUPRC’s commitment to fostering sustainable growth and innovation within the energy sector, while providing economic opportunities for investment to spur new exploration, and development activities within the nation’s petroleum landscape.

The Commission in The New York Times advert stated that the 2024 Licensing Round represents an opportunity for both domestic and international stakeholders to engage in the exploration and development of Nigeria’s hydrocarbon resources.

Central to this is the availability of high-quality geological and geophysical data. Collaborating with multi-client partners, the NUPRC is committed to providing access to extensive and robust datasets to prospective bidders to enhance their decision-making.

The Commission said, “We have identified twelve (12) blocks, that cut across deep offshore, shallow water and onshore terrains to be made available to interested investors. In line with the objectives of the licensing round, the offer comprises a diverse range of exploration prospects and discoveries with varying technical and operational preferences.

“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.”

Emphasizing a holistic approach to resource management, the NUPRC said the 2024 Licensing Round prioritizes environmental, social, and governance (ESG) considerations.

“NUPRC is committed to ensuring that exploration activities are conducted in a manner that minimizes carbon emissions and mitigates environmental impact.

“By incorporating ESG criteria into the licensing process. stakeholders can contribute to sustainable development while harnessing the nation’s natural resources responsibly.

“The success of the 2024 Licensing Round hinges on collaboration among all stakeholders, including goverment agencies, industry players, and local communities.

“By fostering a conducive investment environment and promoting best practices in resource management for shared prosperity,” it added.

The 2024 licensing Round is the second in a series of bid rounds and it is being managed by NUPRC in accordance with the provisions of the Petroleum Industry Act 2021 (PIA].

The PIA provides enhanced legal and regulatory rules that encourage and promote investment for the mutual benefit of the people of the Federal Republic of Nigeria (FRN), international and national investors, the host communities, while ensuring environmental sustainability.

The NUPRC said it is committed to an open. fair. transparent. and competitive bid process.

“We are also committed to partnering with entities that share our dedication to excellence, safety, and environmental stewardship.

“It is a great privilege to announce the 2024 Petroleum Licensing Round and the resumption of the 2022/2023 Mini Bid Round. We look forward to your participation and are excited about the prospects that this new phase will bring to the forefront of the energy industry,” the NUPRC said in the advert.

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