The 2024 oil block bid rounds have started, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) providing investors with approximately 12 oil blocks.
The process, which will be carried out offshore to promote the country’s hydrocarbon resources to potential investors, will start at the end of this month in accordance with the Petroleum Industry Act.
The transparent implementation of the procedure will be guided by explicit standards established by the commission.
Due to their nature, the majority of the assets being auctioned are greenfield, which could make it challenging to determine the amount generated with accuracy.
In 2023, the Commission’s revenue climbed to N4.34 trillion from N3.78 trillion in 2022, and the nation is anticipated to receive billions of dollars in royalties, taxes, and other levies from the assets.
The commission is currently offering 12 blocks for sale, but because of how close the previous election was, a bid procedure was put on hold.
The commission will withdraw awards given to inactive blocks and is presently examining all awarded assets to identify underperforming ones.
In order to include these assets in the basket and move forward with a competitive bid procedure in accordance with Sections 73 and 74 of the Petroleum Industry Act, the commission used provisions of the Act.
According to NEITI Executive Secretary Ogbonnaya Orji, the forum serves as a venue for inviting decision-makers from Nigeria’s extractive industries and associated fields to further government oversight and sector reforms that include all relevant parties.
Oil block bid is going to be precise as FG pledged.
