Qualified Bidders Emerge In 2022/2023 Oil Licensing

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the winners of the 2022/2023 oil mini-bid round, with Sifax and Royalgate Consortium as well as Oceangate Engineering Oil and Gas Limited emerging as the successful bidders.

Sifax and Royalgate Consortium secured the bid for PPL 300-DO, while Oceangate Engineering Oil and Gas Limited claimed PPL 302-DO, with both companies emerging as the sole bidders in their respective categories.

For PPL 303-DO, MRS Oil and Gas Company Limited and NNPC Exploration and Production Limited qualified as bidders, resulting in a tie.

The tie-breaking process is currently underway, following the established rules for tie bids.

In the PPL 304-DO category, Homeland Integrated Offshore Services Limited outperformed Sifax and Royalgate Consortium to emerge as the winner.

Hamilcar Oil and Gas Consortium secured the PPL 305-DO bid, beating NNPC Exploration and Production Limited.

BISWAL Oil and Gas Limited triumphed in the PPL 306-DO bid, outbidding NNPC Exploration and Production Limited to win the license.

Speaking at the 2024 Licensing Round Commercial Bid Conference in Lagos, the Chief Executive of NUPRC, Gbenga Komolafe, revealed that preparations are underway for a fresh oil licensing bid round in 2025.

He stated that the commission aims to make oil licensing rounds an annual event to enhance oil production and maximize the exploration of Nigeria’s hydrocarbon resources.

Komolafe noted that the 2025 licensing round would focus on unexplored assets, signaling the government’s intention to open up new frontiers for investment in Nigeria’s oil and gas sector.

The 2024 licensing round, which is nearing completion, is part of the commission’s broader strategy to attract more investments into the upstream oil sector, boost production capacity, and increase government revenue from oil resources.