The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially commenced the commercial bid round for 24 oil blocks across the country.
This licensing exercise, which was initially launched in May, marks a significant milestone as it is the first bid round to be conducted under the Petroleum Industry Act (PIA) 2021.
Speaking at the event in Lagos, the NUPRC Chief Executive, Engineer Gbenga Komolafe, highlighted the strategic importance of the process.
He emphasized that successful bidders would be required to meet specific obligations, including the immediate commencement of exploration activities on the awarded oil blocks.
The licensing round aims to expand Nigeria’s oil and gas reserves, enhance production capacity, and maximize the value of the country’s petroleum resources.
Details later…
