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NUPRC extends deadline for 2024 oil block licensing round by 10 days  

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a ten-day extension for the registration and submission of pre-qualification documents for the 2024 oil block licensing round. 

Mr. Gbenga Komolafe, Commission Chief Executive (CCE) of NUPRC, announced the extension in a statement issued on Wednesday in Abuja. 

Komolafe stated that the registration and submission of pre-qualification documents, initially scheduled to close on June 25, 2024, had been extended by 10 days and would now close on July 5, 2024. 

“In pursuit of the Commission’s commitment to derive value from the country’s abundant oil and gas reserves and increase production, the Commission has been working assiduously with multi-client companies to undertake more exploratory activities. 

“This is to acquire more data to foster and encourage further investment in the Nigerian upstream sector,” he said. 

NUPRC added 17 deep offshore blocks to the 2024 Licensing Round 

Furthermore, Komolafe stated that due to additional data acquired concerning deep offshore blocks, the Commission had added 17 deep offshore blocks to the 2024 Licensing Round.  

He added that further details on the blocks could be found on the bid portal. 

He noted that data access, data purchase, evaluation, bid preparation, and submission, initially scheduled to open on July 4 and close on November 29, will now start on July 8 and close on November 29, 2024, as previously scheduled. 

“In accordance with the published guidelines, we had earlier indicated that some of the assets on offer should be applied for as clusters, namely: PPL 300-CS & PPL 301-CS, PPL 2000 and PPL 2001. 

“Bidders are hereby advised to bid for those blocks as clusters or as single units; it is optional,” the statement quoted Komolafe as saying. 

Backstory 

In May, NUPRC announced the commencement of the 2024 oil block licensing round. 

The Chief Executive of NUPRC, Gbenga Komolafe, announced this at the Miami, Florida International Roadshow for the 2024 licensing round, hosted by the NUPRC, in collaboration with the Petroleum Technology Association of Nigeria (PETAN). 

The commission said the 2024 block licensing round would last for approximately nine months. 

Komolafe, while unveiling the bidding round, said the exercise which was initially announced on 29 April, was a significant leap in the strategic hydrocarbons development initiative. 

He said the round would introduce 12 meticulously selected blocks across diverse geological spectra from the fertile onshore basins to the promising continental shelves and the untapped depths of Nigeria’s deep offshore territories. 

What you should know 

  • Nairametrics reported that NUPRC outlined the objectives of the exercise, which include growing oil and gas reserves, boosting production, enhancing Nigerian content development, and attracting investment, among other goals.  
  • Komolafe emphasized that despite the progression of the energy transition, fossil fuels would continue to play a crucial role in the global energy landscape. 
  • He also stated that there were plans to conclude the 2022 block auctions alongside the 2024 oil bid round, noting that seven oil blocks were offered in 2022. 

Source: TheTimes.com.ng.

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