FG Seeks Global Investors for 17 Oil Blocks

Chief Executive, NUPRC, Gbenga Komolafe
Chief Executive, NUPRC, Gbenga Komolafe google

The Federal Government of Nigeria offered 12 oil blocks and five deep offshore assets for sale to global oil investors at the 2024 Offshore Technology Conference in Houston, United States, on Tuesday.

At a side event during the conference called African Oil Industry Opportunities Session, Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Regulatory Commission, revealed to investors that Nigeria has 37.5 billion barrels of crude oil and condensate reserves, along with 209.26 trillion cubic feet of natural gas reserves.

These reserves represent over 30% and 33% of Africa's oil and gas reserves, respectively, along with various other renewable energy resources. Komolafe stated that Section 7(t) of the Petroleum Industry Act empowers the NUPRC to conduct bidding rounds for the award of Petroleum Prospecting Licences (PPLs) and Petroleum Mining Licences (PMLs) to exploit the abundant hydrocarbon resources as per the Act and the applicable regulations.

The Nigerian Upstream Petroleum Regulatory Commission, on behalf of the Federal Republic of Nigeria, is pleased to announce the commencement of the 2024 Licensing Round at this global event for international investors with the necessary financial and technical capacity to participate.

Komolafe explained that the licensing round introduces 12 blocks that have been meticulously selected across diverse geological areas, from the fertile onshore basins to the promising continental shelves and the untapped depths of the deep offshore territories. Each block has been chosen for its potential to enhance the country's reserves and promote economic vitality.

He assured investors that the NUPRC is committed to conducting the licensing round in a fair, competitive, and transparent manner, as stipulated by the provisions of the Petroleum Industry Act and regulations made under the Act.

According to Komolafe, the commission has issued a licensing round guideline and published a licensing round plan for the 12 blocks: PPL 300-CS, PPL 301-CS, [plate_number_18], [plate_number_19], PPL 2001, PPL 2002, PML 51, PPL 267, PPL 268, PPL 269, PPL 270, and PPL 271.

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