The Nigerian Upstream Petroleum Regulatory commission (NUPRC) has extended the deadline for registration and submission of pre-qualification documents for the 2024 oil block licensing round. Originally scheduled to close on June 25, this deadline has been extended by 10 days, now ending on July 5.
According to Gbenga Komolafe, the Commission’s Executive Director (CCE), the subsequent phases of the process remain unchanged except for the deadline extension. Data entry, acquisition, evaluation, preparation, and submission of bids, originally set to start on July 4 and close on November 29, will now begin on July 8 and end on November 29 as previously planned.
This adjustment aims to facilitate broader participation and ensure thorough preparation for all stakeholders involved in the licensing round. The Commission emphasizes its dedication to leveraging Nigeria’s abundant oil and gas reserves to enhance production through strategic partnerships and increased exploration activities.
As of now, all other dates in the published calendar for the 2024 Licensing Round remain unchanged unless communicated otherwise by the Commission
Extra Deep Sea Blocks
Komolafe announced that due to newly acquired information on deep offshore blocks, 17 additional blocks have been included in the 2024 Licensing Round. He specified that detailed information on these blocks can be found on the bid portal.
Regarding bidding guidelines, Komolafe mentioned that certain assets like PPL 300-CS, PPL 301-CS, PPL 2000, and PPL 2001 were originally designated for group bids. However, bidders now have the choice to bid for these blocks either individually or as part of a group.
Earlier rounds, including the 2022/2023 Mini Bidding Round, featured offerings of deep marine blocks and blocks crossing the coast. The upcoming Nigeria 2024 Licensing Round will also include blocks from the continental shelf and deep-sea territories
“Bidders are suggested to bid for these blocks as teams or as particular person items; it’s non-obligatory,” Komolafe stated within the assertion.
Allow us to keep in mind that some deep marine blocks and different blocks, which cross the coast, have been supplied for the 2022/2023 Mini Bidding Spherical.
The continental shelf and deep sea lands have been additionally supplied for the Nigeria 2024 Licensing Spherical.
Engaging award standards
To take away obstacles to entry, the fee sought and obtained the approval of President Bola Tinubu, who was stated to be decided to create engaging and conducive funding regimes within the upstream oil and fuel sector.
Tinubu, additionally the Minister of Petroleum, authorized engaging tax regimes and minimized entry charges for each licensing rounds by capping the signing bonus payable for the allocation of areas.
“Accordingly, it’s essential to make sure that the identical bidding standards (along with uniform signing bonus standards) are utilized for each licensing rounds to advertise transparency and supply a stage enjoying subject for all bidders.
“One condition that the standards for the award of oil blocks are actually rather more engaging than they have been initially in the course of the 2022/2023 Mini Bidding Spherical, it’s within the curiosity of fairness and honest play to offer all buyers with the identical alternative.” to bid for the oil blocks. belongings.
“And the registration part of the 2022/2023 Mini Bidding Spherical is reopened to new candidates.“The general public is subsequently invited to benefit from this improvement and the engaging phrases and circumstances of entry and take part within the train,” Komolafe stated
