The Nigerian Federal Government has unveiled 17 additional deep offshore oil blocks for the 2024 Licensing Round, expanding opportunities for investment in the country’s oil sector. This announcement was made by the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, in a statement on Tuesday.
Komolafe emphasised that the update is aimed at attracting investors by capitalising on Nigeria’s vast oil and gas reserves and enhancing production capabilities. “In pursuit of the Commission’s commitment to derive value from the country’s abundant oil and gas reserves and increase production, the commission has been working assiduously with multi-client companies to undertake more exploratory activities to acquire more data to foster and encourage further investment in the Nigerian upstream sector,” Komolafe stated.
He further elaborated that as a result of additional data acquired regarding deep offshore blocks, the commission has decided to add 17 deep offshore blocks to the 2024 Licensing Round. Detailed information on these blocks can be accessed on the bid portal.
Earlier, on May 8, 2024, the government invited investors to bid for 12 oil blocks and seven deep offshore assets as part of the 2024 marginal fields bid round. This move was followed by a further increase in the number of oil blocks on offer in June 2024.
The NUPRC’s strategic effort to broaden the scope of available oil blocks underscores Nigeria’s drive to boost its oil and gas sector, fostering greater investment and leveraging its rich hydrocarbon resources.
