The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set a 24-hour deadline for new investors to sign up for the 2024 oil block licensing bid round.
On Wednesday, during the 23rd Nigerian Oil and Gas Energy Conference (NOG) in Abuja, with the theme “Showcasing Opportunities, Driving Investment, Meeting Energy Demand,” Mr. Gbenga Komolafe, the Chief Executive of NUPRC, made this news.
Komolafe announced in his presentation, “Defining the Outlook for Deep Water Exploration and Production in Nigeria,” that the pre-qualification document submission and registration period will end at midnight on Friday, July 5, 2024.
“Registration closes at 12 midnight Friday, July 5, 2024,’’ he further added.
Schedule for enrollment
Komolafe claims that the bid site and advertisement launch, which started on May 29, 2024, ended on May 10, 2024.
He stated that the processes for submitting technical and commercial bids would start on August 7 and end on December 13. These processes included data access, data purchase and evaluation, bid preparation and submission, technical bid evaluation, publication of pre-qualified companies, and the commercial bid conference.
Ministerial consent, contracting, and negotiation, according to Komolafe, would begin on December 16 and conclude on January 29, 2025.
He added that there were 31 blocks available in all, five of which are presently the subject of legal action.
Unlocked New Gas Reserves
Speaking about significant accomplishments to maximize output, the NUPRC chief stated that the commission carried out an extensive integrated study on the reactivation of Nigeria’s shut-in strings to release 700 million barrels of oil per day (MBOPD).
According to the Chief Executive, permissions were given for re-entry and well interventions that might yield over five trillion cubic feet (TCF) of gas and over six million barrels (MMB) of oil.
He added that four fields, with a peak potential of about 125 MBOPD, had their Field Development Plans approved for further production.
With a combined capacity of over 250 MBOPD, he pointed out that the commission expedited the licensing and commissioning of four Alternative Crude Oil Evacuation Routes (ACOER).
“To unlock approximately 57 trillion cubic feet (TCF) of uncommitted or unmonetized gas reserves, the commission has enlisted the E&P Companies.”
“To guarantee sufficient and continuous feedstock for all domestic refineries in Nigeria, we developed and unveiled a template guiding the activities for the Domestic Crude Oil Supply Obligation (DCSO).”
“To promote gas production growth, we have issued the annual Domestic Gas Delivery Obligation (DGDO) to all lessees,” he declared.
The NUPRC declared in May that the 2024 oil block licensing round had begun.
This was stated by NUPRC Chief Executive Gbenga Komolafe at the NUPRC-hosted, Petroleum Technology Association of Nigeria (PETAN)-hosted Miami, Florida International Roadshow for the 2024 licencing round.
The 2024 block licensing round, according to the commission, will run roughly nine months.
During the bidding round announcement, Komolafe stated that the exercise, which was first announced on April 29, represented a major advancement in the strategic hydrocarbons development initiative.
He stated that 12 carefully chosen blocks spanning a variety of geological spectra, from the productive onshore basins to the prospective continental shelf and the unexplored depths of Nigeria’s deep offshore territory, would be introduced in the round.
