The Nigerian Upstream petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2024 Oil Block licensing round.
The commission chief executive, Mr. Gbenga Komolafe, announced this at Miami Florida International Road show for the 2024 licensing round in
collaboration with the petroleum technology Association of Nigeria, PETAN.
The NUPRC board said the 2024 block licensing round will last for approximately 9 months.
Mr Komolafe said the round would introduce 12 meticulously selected blocks across diverse geopolitical Spectra from the fertile onshore basins to promising Continental shells and the untapped depth of Nigeria’s deep offshore territories.
According to Komolafe, the licencing round is indeed expected to be a huge success for Nigeria and is a big step towards growing the nation’s oil and gas reserves.
This, he said would be through aggressive exploration and development efforts, boosting production, expanding opportunities for gas utilisation and end-to-end development across the value chain.
Komolafe said that considerations for the commerciality of projects would be made on a case-by-case basis for the determination of appropriate entry fees.
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