BREAKING: FG Commences 2024 Oil Bid Round With 12 Oil Blocks

FG has commenced the 2024 oil bid round with 12 oil blocks.

 

NewsOnline Nigeria reports that President Bola Tinubu Federal Government has commenced the process for the 2024 oil bid round with 12 oil blocks on offer and seven deep offshore blocks from last year’s bid round.

 

This Nigeria news platform understands that the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, (NUPRC), Gbenga Komolafe, made this known during his presentation at the maiden NEITI House Dialogue in Abuja on Monday.

Komolafe said the process will be concluded by January next year, adding that the new green field oil blocks on offer include six acreages located on the continental shelf, four deep offshore blocks and two onshore blocks in the Niger Delta.

 

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He noted that some of the criteria required for acquiring the blocks include technical competence, financial capacity and viability.

The NUPRC boss also stated that the federal government is targeting the injection of $3 billion capital investment to fund projects in the Nigerian Gas Flare Commercialisation Programme (NGFCP) and the creation of 300,000 jobs.

 

He said other potential economic and social benefits from the flare gas commercialisation programme: six million households given access to clean energy through LPG; 20 million tons of carbon dioxide emissions per year eliminated: 600,000MT of LPG unlocked per year while 2.5 GW power generated from new and existing IPPs.

 

Komolafe explained that the Commission has put in place regulations to create a conducive investment environment by ensuring regulatory certainty, vacating entry barriers and promoting global competitiveness.

 

He said: “The licencing round that we are putting in place is designed to enhance the quality data set and it is going to be conducted in a fair, and competitive bidding process in a non-discriminating manner”.

 

Komolafe also disclosed that the Commission generated N4.344 trillion in revenues in 2023, a rise of 15 per cent from N3.78 trillion generated in 2022.

 

He also said that Nigeria’s production output, both crude oil and condensates stood at 1,532,530 barrels per day as of 25th April 2024.