Nigeria Adds 17 Offshore Blocks to 2024 Oil Licensing Round

By Jemimah Wellington, JKNMedia Reporter

ON TUESDAY, the inclusion of 17 deep offshore oil blocks was announced by the Federal Government in Nigeria’s 2024 Licensing Round for oil fields.

This expansion aims to boost investment in the country’s upstream sector and increase oil production, the government notes.

Earlier this year, on May 8, the government invited bids for 12 oil blocks and seven deep offshore assets as part of the 2024 marginal fields bid round. Following this, on June 12, it was confirmed that the number of available oil blocks had increased.

At a pre-bid conference in Lagos, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe emphasized the commission’s efforts to derive more value from Nigeria’s oil and gas reserves.

He noted that the addition of the 17 deep offshore blocks was based on newly acquired data.

The NUPRC has also adjusted the 2024 Licensing Round schedule to allow more time for potential investors.

The registration and submission deadline for pre-qualification documents has been extended to July 5, 2024.

In support of transparency and fair play, President Bola Tinubu approved attractive fiscal regimes and minimized entry fees, ensuring a level playing ground for all bidders.

All blocks from both the 2022/23 and 2024 Licensing Rounds are now open to interested investors, with previously pre-qualified applicants not needing to undergo a new pre-qualification process, adding that this development promises expanded opportunities and attractive terms for investors, encouraging increased participation in Nigeria’s oil sector.

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