Business

FG Begins Bidding For 12 Oil Blocks

This marks the beginning of the 2024 Nigeria Petroleum Licensing Round and the continuation of the 2022/2023 mini-bid round.

By Johnson Atoukudu

The federal government has initiated the bidding process for the sale of 12 oil blocks. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, made this announcement in a statement on Monday in Abuja.

This marks the beginning of the 2024 Nigeria Petroleum Licensing Round and the continuation of the 2022/2023 mini-bid round.

“On behalf of the Federal Government of Nigeria, the Nigerian Upstream Petroleum Regulatory Commission is pleased to announce the commencement of the 2024 Petroleum Licensing Round,” he said.

On the number of blocks for the offer, Komolafe noted, “We have identified 12 blocks that cut across deep offshore, shallow water, and onshore terrains to be made available to interested investors.”

Recall that the commission issued the first announcement on the bidding process last month.

Additionally, it waived the necessity for a signature bonus in the bidding process to attract foreign investors to bid for the oil blocks on offer.

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