NUPRC issues 24 hours deadline to investors for oil block licensing registration

From Adanna Nnamani, Abuja

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

Mr. Gbenga Komolafe, the Chief Executive of NUPRC, issued the notice during his presentation at the 23rd Nigerian Oil and Gas Energy Conference in Abuja

The deadline for registration and submission of pre-qualification documents is set for midnight on Friday, July 5, 2024.

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

According to Komolafe, the bid portal and advertisement launch that started on May 29, 2024, ended on May 10, 2024.

He further said that the technical and commercial bid submission processes, encompassing various stages such as data access, evaluation, bid preparation, and submission, would kick off on August 7 and wrap up on December 13.

Komolafe announced that ministerial consent, contracting, and negotiation will commence on December 16 and conclude on January 29, 2025.

Additionally, he mentioned that there are a total of 31 blocks available, with five blocks currently involved in litigation.

The NUPRC boss, while discussing the significant achievements in enhancing production efficiency, said the commission conducted a detailed study on reactivating shut-in strings in Nigeria, aiming to unlock up to 700 million barrels of oil per day (MBOPD).

He said approvals were granted for well interventions and re-entry operations capable of yielding over six million barrels (MMB) of oil and five trillion cubic feet (TCF) of gas.

He also said that the Field Development Plans were authorisedfor four fields, projecting a peak potential output of around 125 MBOPD.

Furthermore, he highlighted the swift approval and commissioning of four Alternative Crude Oil Evacuation Routes (ACOER), with a combined capacity totaling approximately 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.