The Federal Government is actively promoting investment opportunities in Nigeria’s oil and gas sector, offering 12 oil blocks and five deep offshore assets for sale during the ongoing 2024 Offshore Technology Conference in Houston, United States. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Regulatory Commission, emphasized Nigeria’s significant reserves, including 37.5 billion barrels of crude oil and condensate and 209.26 trillion cubic feet of natural gas. These resources represent a substantial portion of Africa’s oil and gas reserves.
The commencement of the 2024 Licensing Round marks a strategic initiative to leverage Nigeria’s abundant hydrocarbon resources for economic growth and development. The 12 blocks selected for bidding encompass various geological formations, from onshore basins to deep offshore territories, highlighting their potential to enhance Nigeria’s reserves and stimulate economic activity.
Komolafe assured investors of a fair, competitive, and transparent bidding process, in accordance with the Petroleum Industry Act and relevant regulations. The licensing round guidelines and plans have been established to ensure fairness and promote strategic partnerships that facilitate economic returns and technological exchange.
The bid round for the 12 oil blocks and five deep offshore assets is set to conclude by January 2025. Criteria for participation include demonstrating technical competence, financial capacity, and viability, aligning with the provisions of the Petroleum Industry Act to ensure fairness and non-discrimination.
The launch of the 2024 bid round presents a significant opportunity for investors to participate in Nigeria’s oil and gas sector development. By including both new greenfield blocks and those from previous bid rounds, the government underscores its commitment to maximizing the potential of petroleum resources while maintaining transparency and adherence to regulatory frameworks.
