The government also reiterated that it currently has 31 oil blocks available for investment, inviting interested investors to explore opportunities in these blocks and contribute to the growth and development of the country’s oil and gas sector.
The Chief Executive of NUPRC, Gbenga Komolafe, disclosed this during his presentation at the Africa Oil Week in Cape Town, South Africa. Our correspondent obtained a copy of his presentation on Wednesday.
Speaking on the theme, ‘Unpacking the 2024 Nigerian Licencing Round’, Komolafe said, “There are 31 blocks on offer by the Federal Government of Nigeria. Seven deep offshore assets in the mini-bid round, 24 acreages for bid in the 2024 Licensing Round. These licensing rounds will be based on a fair, transparent, and competitive bidding process in line with Section 73(1) of the PIA (Petroleum Industry Bill).
“Nigeria is endowed with an abundance of crude oil and condensate reserves and natural gas reserves representing above 30 per cent and 33 per cent respectively of the entire oil and gas reserves in Africa aside from abundant mix of other renewable energy resources.”
He said the licensing rounds offer significant opportunities for both domestic and international players to invest in the upstream oil and gas sector in Nigeria.
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