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HomeBusinessNigeria extends 2024 oil licensing bid round to boost investor participation

Nigeria extends 2024 oil licensing bid round to boost investor participation

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a 10-day extension for the 2024 licensing bid round registration, aiming to attract more investors to the country’s oil and gas sector.

This move was confirmed by Commission Chief Executive Officer, Engr. Gbenga Komolafe, during a briefing in Abuja on Tuesday.

Komolafe emphasized that the extension is designed to give potential investors additional time to seize the expanded opportunities.

Highlighting the NUPRC’s commitment to maximizing value from Nigeria’s substantial oil and gas reserves and enhancing production, he mentioned that the commission has been collaborating with multi-client companies to conduct extensive exploratory activities and gather more data. This effort is intended to foster increased investment in the Nigerian upstream sector.

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In light of newly acquired data on deep offshore blocks, the NUPRC has added 17 deep offshore blocks to the 2024 licensing round. This expansion is expected to draw significant interest from both local and international investors.

Recently, at the Offshore Technology Conference in Houston, Texas, the NUPRC officially launched the 2024 Licensing Round.

During the event, Komolafe reaffirmed Nigeria’s dedication to advancing its oil and gas sector, showcasing incentives under President Bola Tinubu’s administration aimed at attracting global investment.

The licensing round presents selected blocks across various geological formations, promising significant economic growth and enhanced energy security. Komolafe noted that the regulatory framework established by the Petroleum Industry Act 2021 ensures fairness and transparency, thereby boosting investor confidence.

By extending the registration deadline, the NUPRC aims to encourage broader participation and reinforce Nigeria’s position as a key player in the global oil and gas industry.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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