AGS NEWS – The Nigerian government has presented 12 oil blocks and five deep offshore assets for sale to global oil sector investors during the ongoing 2024 Offshore Technology Conference in Houston, United States.

During the African Oil Industry Opportunities Session, Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Regulatory Commission, informed investors about Nigeria’s substantial reserves, including 37.5 billion barrels of crude oil and condensate reserves and 209.26 trillion cubic feet of natural gas reserves.

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These reserves represent over 30% and 33% respectively of Africa’s oil and gas reserves, alongside various renewable energy resources.

Komolafe stated that the Petroleum Industry Act empowers the NUPRC to conduct bidding rounds for the award of Petroleum Prospecting Licences (PPLs) and Petroleum Mining Licences (PMLs).

He announced the commencement of the 2024 Licensing Round, featuring 12 carefully selected blocks across different geological spectra, aimed at enhancing reserves and stimulating economic growth.

The NUPRC is committed to conducting the licensing round transparently, in line with the provisions of the Petroleum Industry Act.

Guidelines have been issued, and a licensing round plan has been published for the 12 blocks.

Seven deep offshore blocks from the 2022 Mini-Bid Round Exercise will be concluded alongside this licensing round.

The bid round for the 12 oil blocks and five deep offshore assets will end by January 2025.

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Criteria for participation include technical competence, financial capacity, and viability, ensuring fairness, competitiveness, and non-discrimination, as stipulated in the Petroleum Industry Act.

The commencement of the 2024 bid round signifies a significant opportunity for investors and companies to contribute to the development of Nigeria’s oil and gas sector.

The inclusion of both new greenfield blocks and those from previous bid rounds demonstrates the government’s commitment to maximizing the potential of its petroleum resources, with a focus on transparency and adherence to the Petroleum Industry Act.