Federal Government To Offer 12 Oil Blocks In New Oil Bid Round

The Nigeria Upstream Petroleum Regulatory Commission, NUPRC, has announced plan to unveil a new oil bid round during which 12 blocks in the continental shelf and deep offshore will be offered to bidders.

This was disclosed in Lagos on Thursday by the Commission Chief Executive Officer, CCE, of the Commission, Gbenga Komolafe during a meeting with the Independent Petroleum Producers Association, IPPG and Oil Producer Trade Group, OPTS, which is a body of major oil companies.

He used the occasion to showcase the NUPRC Regulatory Action Plan for 2024 and the Near term, which was intentionally issued on 1st January 2024 to set a direction for the industry activities.

Komolafe explained that the Plan attracted significant publicity both in the local and international media.

“The Regulatory Action Plan is not just a document; it is crafted as a signpost to the industry and stakeholders, the three (3) year focus

areas of the Commission to address prevailing industry challenges and harness the opportunities that lie ahead. “It is a roadmap that outlines our vision

for the upstream oil and gas to enable shared prosperity. It is our firm believe that this parley would afford us the opportunity to x-ray the Action Plan,

expatiate the underlining premises and secure vital insights from you that will enrich its implementation.”

Speaking further, he said the Commission acknowledge that some of the key actions of the Plan may require clarifications and further engagements, particularly as it relates to its

implications for their business models, operational architecture, and business plans.

He assured that the Commission has considered the possible implications and have designed the Plan with the

flexibility to accommodate industry dynamics.
“Our goal is to enhance and facilitate a business environment that is resilient, adaptable, and aligned with global best practices. As members of OPTS and

IPPG, you will continue to play pivotal roles in shaping the industry response to the evolving energy dynamics for the prosperity of our nation.

“The implementation of the Regulatory Action Plan will be a collaborative effort for our mutual benefit.” he said.

The CCE, said that to facilitate open communication, the Agency will be establishing dedicated platforms for continuous engagement on the RAP. These platforms will provide all stakeholders, OPTS and IPPG inclusive,

with opportunities to share insights, seek clarifications, and actively participate in shaping the

landscape for a collective good.
On the bid round he said, that in line with provisions of Section 73 of the Petroleum Industry Act, PIA, the Commission will conclude the 2022/2023 Mini Bid Round as well as

conduct a new Bid Round of 12 Blocks located in the continental shelf and deep offshore.

He called on all investors to participate in the Bid Round process that would commence soon for shared prosperity, adding that the Commission will be engaging certified metering experts to conduct technical integrity

audit of the metering facilities in the Nigerian upstream sector with a view to ensuring that metering facilities function at best practices and industry allowable limit of error.

“The Commission has equally put in place a robust framework to guide issues of divestment and

implementation of Decommissioning and Abandonment and Host Community Development Trust.

“In the weeks ahead, the Commission will be conducting a tour of upstream facilities in Nigeria.” he added.