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*** As crude oil reserves estimated at 37.5bn barrels

BY AKUDORO GLORIA

The Federal Government of Nigeria, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has officially unveiled the 2024 Licensing Round to unlock the nation’s vast hydrocarbon potential, attract investment, and propel our nation towards greater economic prosperity and shared prosperity.

The Nigeria’s 2024 Licensing Round, hosted by the NUPRC in collaboration with the Petroleum Technology Association of Nigeria (PETAN) which took place in Miami, Florida, United States on Tuesday, brought together oil and gas industry professionals, business leaders, and international investors.

Speaking at the pivotal historic event, the Commission Chief Executive, NUPRC, Engr. Gbenga Komolafe, disclosed that the Commission has already issued a licensing round guideline and published a licensing round plan for the twelve 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).

According to him, in addition to these blocks, the seven deep offshore blocks from the 2022 Mini-Bid Round Exercise which cover an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m shall also be concluded along with this Licensing round.

While stating that the 2024 Block Licensing Round is scheduled to last for approximately nine (9) months, the Commission Chief Executive called on all interested parties to visit the dedicated NUPRC portal:  www.br2024.nuprc.gov.ng for details on how to participate.

He commended PETAN’s commitment to promoting excellence, innovation, and growth in Nigeria’s oil and gas industry, and reiterated that this 2024 Block Licensing Round is not merely a transactional opportunity but a testament to Nigeria’s commitment to advancing a resilient and sustainable Industry.

“Under the visionary leadership of His Excellency President Bola Ahmed Tinubu and the Honourable Minister of Petroleum Resources, Nigeria has embarked on a transformative agenda that aligns with the most stringent global standards and commitments.

“The recent Presidential Executive Orders issued in March this year, were aimed at improving the efficiency and attractiveness of Nigeria‚Äôs oil and gas sector. The Executive Orders were
generously targeted to incentivize oil and gas
development, introduced measures to balance the implementation of Nigerian Oil and Gas Industry Content Development Act, 2010 to ensure that oil and gas development is not hindered by local content bottlenecks.

“The Executive Orders also include directives on reduction of contracting costs and timelines to enhance global competitiveness of our oil and gas industry and achieving higher rate of return
on oil and gas investments.

“Ladies and Gentlemen, as a nation, Nigeria is
endowed with 37.5 Billion barrels of Crude Oil and Condensate Reserves and 209.26 Trillion Cubic Feet of Natural Gas Reserves representing above 30% and 33% respectively of the entire Oil and Gas reserves in Africa aside abundant mix of other renewable energy resources.

“It is towards the exploitation and optimization of this abundant Hydrocarbon resources that Section 7(t) of the Petroleum Industry Act (PIA)
empowers the NUPRC as the Industry Regulator to conduct bidding rounds for the award of PPLs and PMLs pursuant to the Act and applicable Regulations.

“It is on this premise that the Federal Government of Nigeria through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is pleased to announce the commencement of the 2024 Licensing Round at this Global event for participation by International Investors with financial and technical capacity,” said the CCE.

While working with the National Data Repository and multi-client partners to ensure a seamless Licensing Round exercise using high technology, Engr. Komolafe explained that on the global scale, the Licensing Round will no doubt be beneficial to all stakeholders and will, in the long run, contribute to long-term global energy sufficiency.

The Chairman, Senate Committee on Upstream Petroleum Resources, Senator Ekong Williams and the Chairman, House Committee on Upstream Petroleum Resources Honourable Ado Doguwa in their respective remarks commended NUPRC for organizing the Roadshow for 2024 Licensing Round and highlighted reasons why Nigeria remains a top investment destination for upstream oil and gas business.

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