AGS NEWS – On Tuesday, the Federal Government announced the addition of 17 deep offshore oil blocks to the 2024 Licensing Round for oil fields in Nigeria.

Previously, the government had invited investors to bid for 12 oil blocks and seven deep offshore assets in the 2024 marginal fields bid round.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) increased the number of blocks available in response to newly acquired data from exploratory activities.

Gbenga Komolafe, CEO of the NUPRC, provided these updates at a pre-bid conference in Lagos.

He emphasized the commission’s commitment to maximizing the value of Nigeria’s oil and gas reserves and encouraging further investment in the sector.

He mentioned that bidders could apply for some assets as clusters or single units.

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The NUPRC also adjusted the 2024 Licensing Round schedule to give interested investors more time.

The new deadline for pre-qualification documents is July 5, 2024, and data access will open on July 8, 2024, while the final submission date remains November 29, 2024.

To promote fairness and transparency, President Bola Tinubu approved attractive fiscal regimes and minimized entry fees for both licensing rounds.

All blocks from the 2022/23 and 2024 Licensing Rounds are now open to interested investors, and previously pre-qualified applicants do not need to re-qualify but may submit new commercial bids.

The public is encouraged to participate in the updated bidding process.