The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set a July 5 deadline for prospective investors to register for the 2024 oil block licensing bid round.
Gbenga Komolafe, the NUPRC executive secretary made the disclosure during the 23rd edition of the Nigerian Oil and Gas Energy Conference, held in Abuja, recently,themed “Showcasing Opportunities, Driving Investment, Meeting Energy Demand.”
Komolafe, in a keynote presentation titled “Defining the Outlook for Deep Water Exploration and Production in Nigeria”, disclosed that the registration process and submission of pre-qualification documents for the licensing round would come to a close on July 5.
“Registration closes at 12 midnight Friday, July 5, 2024,” he said.
Providing a comprehensive overview of the upcoming oil block licensing bid round,the NUPRC executive secretary outlined the critical dates for each stage of the bidding process.
Starting August 7, potential investors would have the opportunity to access and evaluate data, prepare and submit technical and commercial bids, with the evaluation of these bids and publication of the pre-qualified companies slated for completion by December 13. He added that ministerial consent, contracting and negotiation would start on December 16 and end on January 29, 2025.
Komolafe unveiled the total number of oil blocks available for bidding in the upcoming licensing round, confirming that 31 blocks were on offer, while five blocks were subject to ongoing litigation.
He also detailed the commission’s initiatives to optimise oil production, including an integrated study on the reactivation of shut-in strings with the potential to add 700 Million Barrels Per Day (MBPD) of oil to Nigeria’s daily output.
Expounding on the commission’s efforts to boost oil production in Nigeria, Komolafe also stated that Field Development Plans (FDPs) for four existing oil fields had been approved, with the potential to add an additional 125 Million Barrels of Oil Per Day (MBOPD) at peak production.
Komolafe continued by highlighting some strategies to optimise oil production and ensure sustainable development in line with the Petroleum Industry Act including:
- Accelerating the approval and commissioning of four Alternative Crude Oil Evacuation Routes with a total capacity of 250 MBOPD, providing increased flexibility and reliability in transporting crude oil from production sites to refineries or export terminals.
- Implementing the drill or drop philosophy to optimize field development, ensuring that oil and gas resources are exploited in an efficient and responsible manner to maximize their economic value while minimizing environmental impacts.
Komolafe further disclosed that the NUPRC has been in consultation with Exploration and Production (E&P) companies to explore ways of unlocking approximately 57 Trillion Cubic Feet (TCF) of gas reserves that have not yet been committed or monetised.
