FG Issues 24-Hour Deadline To Investors For Oil Block Licensing Registration

FG has issued a 24-hour deadline to investors for oil block licensing registration.

JomogNews Nigeria reports that the Federal Government through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set a 24-hour deadline for new investors to register for the 2024 oil block licensing bid round.

This announcement was made by Mr. Gbenga Komolafe, the Chief Executive of NUPRC, on Wednesday at the 23rd Nigerian Oil and Gas Energy Conference (NOG) in Abuja, which is themed “Showcasing Opportunities, Driving Investment, Meeting Energy Demand.”

In his presentation titled “Defining the Outlook for Deep Water Exploration and Production in Nigeria,” Komolafe stated that the registration and submission of pre-qualification documents will close at midnight on Friday, July 5, 2024.

“Registration closes at 12 midnight Friday, July 5, 2024,’’ he said.

According to Komolafe, the launch of the bid portal and advertisement, which began on May 29, 2024, concluded on May 10, 2024.

He mentioned that the technical and commercial bid submission processes, including data access, data purchase, evaluation, bid preparation and submission, technical bid evaluation, publication of pre-qualified companies, and the commercial bid conference, would commence on August 7 and conclude on December 13.

Komolafe stated that ministerial consent, contracting, and negotiation would start on December 16 and end on January 29, 2025.

He also noted that the total number of blocks available was 31, with five blocks currently under litigation.

Speaking on high-impact achievements to optimize production, the head of the NUPRC said the commission conducted a comprehensive integrated study on the reactivation of shut-in strings in Nigeria, aiming to unlock 700 Million Barrels of Oil Per Day (MBOPD).

The Chief Executive explained that approvals were granted for well interventions and re-entry operations with the potential to develop more than six Million Barrels (MMB) of oil and five Trillion Cubic Feet (TCF) of gas.

He further mentioned that the Field Development Plans for additional production were approved for four fields, with a peak potential of approximately 125 MBOPD.

He noted that the commission accelerated the approval and commissioning of four Alternative Crude Oil Evacuation Routes (ACOER) with a total combined capacity of about 250 MBOPD.

“The commission has engaged the E&P Companies on unlocking about 57 Trillion Cubic Feet (TCF) of uncommitted or unmonetised gas reserves.

“We developed and unveiled a template guiding the activities for Domestic Crude Oil Supply Obligation (DCSO) to ensure adequate and uninterrupted feedstock to all domestic refineries in Nigeria.

“We have issued the annual Domestic Gas Delivery Obligation (DGDO) to all lessees to drive gas production growth,’’ he said.