The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has announced an extension to the 2024 licensing bid round registration by 10 days.
Chief Executive Officer, Engr. Gbenga Komolafe, who shared this in Abuja on Tuesday, said the extension is to allow interested investors to take advantage of the expanded opportunities.
Komolafe explained that 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, acquire more data to foster and encourage further investment in the Nigerian upstream sector.
He added that as a result of additional data acquired concerning deep offshore blocks, the commission has added 17 deep offshore blocks to the 2024 licensing round.
Just a few days ago, the NUPRC announced the commencement of the 2024 Licencing Round at the Offshore Technology Conference in Houston, Texas.
At the event, Komolafe reiterated Nigeria’s commitment to advancing its oil and gas sector, and highlighted incentives by President Bola Tinubu’s leadership aimed at attracting the attention and involvement of international investors.
He explained that the licensing round offers selected blocks, spanning diverse geological formations with great potential for economic growth, and energy security for shared prosperity.
Komolafe also pointed to the regulatory framework anchored by the Petroleum Industry Act 2021, aimed at entrenching fairness and transparency, thereby fostering confidence among investors.
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