The Federal Government has unveiled plans to increase the number of blocks to be auctioned in the 2024 oil licensing round, assuring transparency in the bidding process.
The Executive Secretary, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, who disclosed this at the Nigeria 2024 Oil Licensing Round Pre-bid Conference held in Lagos, yesterday, said that the number and details of the oil bloc would be made available soon.
Recall that the NUPRC had earlier announced that 12 oil blocks would be auctioned in the 2024 bid round.
Speaking to the prospective investors in Lagos, Komolafe said that the total no of blocks was 12 at the planning stage, but they were later able to gather data to offer more. So, it is increasing the number of blocs, which he declined to reveal. He said that the details would be made available on the portal.
Komolafe said that the commission had engaged in several roadshows held in Houston, Miami, both in the United States of America (U.S.A), London, United Kingdom (UK) and Paris, France, among others to woo investors for the oil bid round.
He expressed the commission’s determination to conduct the bid round in a transparent manner in accordance with Section 76 (1) of the Petroleum Industry Act (PIA), saying:”We are not just a regulator, but a business enabler.”
