Nigeria Opens Up Oil Blocks To Investors, Announces Attractive Fiscal Regimes

By: The New Diplomat

Cat:

June 18, 2024

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reopened the registration phase for the 2022/23 Mini Bid Round and added 17 new deep offshore blocks to the 2024 Licensing Round.

The Commission also announced attractive fiscal regimes and minimized entry fees for the 2022/2023 and 2024 oil block licensing rounds to boost investment in the upstream oil and gas sector.

According to a statement issued on Tuesday, which is signed by the Commission’s Chief Executive, Gbenga Komolafe, the move aims to create a more attractive investment regime, promote transparency, and provide a level playing ground for all bidders.

The statement noted that Prequalified applicants from the 2022/23 Mini Bid Round can resubmit new commercial bids and revise their bid bonds while New investors can also participate in the process.

The NUPRC also extended the registration deadline for the 2024 Licencing Round to July 5, 2024, and encourages investors to take advantage of the expanded opportunities.

The Commission said it is working to derive value from Nigeria’s abundant oil and gas reserves and increase production.

Credit: AIT

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