Nigeria has launched a commercial bid round for 24 oil blocks, as announced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) today. The licensing round was launched in May.
Speaking at the ongoing event in Lagos, the NUPRC Chief Executive, Gbenga Komolafe, an engineer, noted that today’s exercise represents the first of its kind since the enactment of the Petroleum Industry Act (PIA) 2021.
He explained that upon the award, the awardees are expected to meet certain conditions, including the immediate exploration of the wells.
Among others, the licensing and award of oil blocks are expected to grow the country’s oil and gas assets; boost the country’s production output, and optimize the value of petroleum assets, among others.
