Why FG gave ultimatum to oil companies to register their licenses

• The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued a deadline for new investors to register their bids
• The NUPRC said that the bid for Nigeria’s oil block began on April 29 and ended on May 10, 2024
• Gbenga Komolafe, the CEO of NUPRC, disclosed that Nigeria seeks to unlock about 700 million barrels of crude daily

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has given new investors a 24-hour deadline to register for the 2024 oil licensing bid round.

Gbenga Komolafe, the Chief Executive Officer of NUPRC, disclosed this on Wednesday, June 3, 2024, at the Nigerian Oil and Gas Energy Conference (NOG) in Abuja.

President Bola Tinubu's government successfully conducts bid rounds for oil blocks Credit: State House/Bloomberg
Source: Getty Images

NUPRC sets deadline for submission of pre-qualification 

Komolafe said that the registration and submission of pre-qualification documents will close at midnight on Friday, Jully 5, 2024.

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The NUPRC boss said the portal and advert launched on April 29, 2024, and ended on May 10, 2024.

He disclosed that the technical and commercial submission processes would commence on August 7 and end on December 13.

The NUPRC CEO said that ministerial consent, contracting, and negotiation would begin on December 16, 2024, and end on January 29, 2024.

According to reports, Komolafe revealed about 31 oil blocks were available, with five blocks under litigation.

Nigeria seeks to unlock 700 million barrels

Per the NUPRC helmsman, the commission conducted a thorough integrated study in the reactivation of shut-in strings in the country to unlock 700 million barrels of oil daily.

He disclosed that the Field Development Plans for more production were approved for four fields, with the potential for about 125 million barrels daily.

Reuters reported that the NUPRC announced the commencement of the 2024 oil block licensing round.

Komolafe disclosed this at the Florida International Roadshow about the 2024 licensing round.

The agency stated that the 2024 block licencing would last about nine months.

Nigerian firm discovers crude oil

Legit.ng reported that Aradel Holdings Plc announced the discovery of the first oil in Omerelu in River State.

The company announced the successful re-entry of Well 21st, attaining the first oil on Friday, May 31, 2024.

Aradel noted that attaining First Oil from Omerelu will boost its production capabilities and contribute to its growth and sustainability goals through its subsidiary, Aradel Energy Limited.

It said it received approval for well-testing, which will lead to converting the field’s Petroleum Prospecting License (PPL) and ultimately to a Petroleum Mining License (PML), following the regulatory procedures.

Also, after discovering a leak, Aiteo announced the commencement of production in one of its oil facilities in Bayelsa State.

Nigerian govt invites bids for 17 new oil blocks

Legit.ng earlier reported that Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the addition of 17 deep offshore blocks to the 2024 Licensing Round.

The move is part of the commission's efforts to enhance exploration activities and increase production in the Nigerian upstream sector.

Legit.ng had previously reported that NUPRC invited investors to bid for 12 oil blocks and seven deep offshore assets in the 2024 marginal fields bid round.

Source: Legit.ng