FG adds 17 deep offshore oil blocks to 2024 licensing round

The Federal Government of Nigeria has announced the addition of 17 deep offshore oil blocks to the 2024 Licensing Round, expanding the opportunities for investors in the country’s oil sector.

On Tuesday, Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), revealed the inclusion of these blocks during a pre-bid conference in Lagos.

This development follows the government’s recent invitation for bids on 12 oil blocks and seven deep offshore assets for the 2024 marginal fields bid round, first announced on May 8.

Komolafe emphasized the government’s commitment to maximizing the country’s oil and gas reserves through increased exploratory activities and data acquisition. “As a result of additional data acquired in respect of deep offshore blocks, the commission has added 17 deep offshore blocks to the 2024 Licensing Round,” he said.

The NUPRC has adjusted the 2024 Licensing Round schedule to accommodate this expansion. The registration and submission of pre-qualification documents, initially set to close on June 25, 2024, will now close on July 5, 2024.

The data access, evaluation, and bid preparation phase will start on July 8, 2024, and close as scheduled on November 29, 2024.

President Bola Tinubu, who also serves as the petroleum minister, approved attractive fiscal regimes and minimized entry fees for licensing rounds to ensure transparency and fairness.

The same bid criteria will apply to both the 2022/23 and 2024 Licensing Rounds, promoting a level playing field for all bidders.

All interested investors are invited to participate in the expanded opportunities of the 2024 Licensing Round. Pre-qualified applicants from the 2022/23 Mini Bid Round can submit new commercial bids to benefit from the more attractive criteria now in place.