The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) hosted a significant pre-bid conference in Lagos for the 2024 oil and gas licensing round. The event brought together industry stakeholders, potential investors, and regulatory bodies to discuss and deliberate on the opportunities and regulatory framework governing Nigeria’s Upstream Petroleum sector.

The conference aimed to provide a comprehensive overview of the available oil blocks, the bidding process, and the legal and fiscal terms associated with the 2024 licensing round. The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, at the conference re-echoed government’s commitment to transparency and efficiency in the bid process as it aligns with international best practices.

During the conference, briefs were presented on the geological data of the available blocks, the technical and financial requirements for participation, and the timeline for the bidding process. On their part, attendees of the conference sought for clarifications on issues relating to the licensing round. This interactive session was aimed at addressing concerns.

The conference also provided an avenue for the Commission to highlight its efforts towards attracting both local and international investors in an effort to boost Nigeria’s Oil and Gas production capacity and stimulate economic growth.

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On Monday 29 April 2024, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) announced the opening of the Nigeria 2024 Bid Round. Twelve blocks are on offer: six located on the continental shelf, four deep offshore blocks and two onshore blocks in the Niger Delta.