The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a 10-day extension for the 2024 licensing bid round registration.
Commission Chief Executive Officer, Engr. Gbenga Komolafe, stated in Abuja on Tuesday that this extension is intended to provide interested investors with more opportunities.
Komolafe explained that the commission, in its commitment to maximizing value from the country’s abundant oil and gas reserves and boosting production, has been collaborating with multi-client companies to conduct more exploratory activities and acquire additional data to attract further investment in Nigeria’s upstream sector.
He added that, due to the new data obtained on deep offshore blocks, the commission has included 17 deep offshore blocks in the 2024 licensing round.
Recently, the NUPRC announced the start of the 2024 Licensing Round at the Offshore Technology Conference in Houston, Texas.
At the event, Komolafe emphasized Nigeria’s dedication to advancing its oil and gas sector, noting incentives from President Bola Tinubu’s administration designed to attract international investors.
He highlighted that the licensing round offers selected blocks across diverse geological formations, presenting significant potential for economic growth and energy security.
Komolafe also underscored the regulatory framework established by the Petroleum Industry Act 2021, which aims to ensure fairness and transparency, thereby building investor confidence.