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Exciting news is stirring in Nigeria’s petroleum sector as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) kickstarts the 2024 oil fields bid round. With twelve (12) oil blocks up for grabs and Seven (7) deep offshore blocks from last year’s bid round, NUPRC is paving the way for potential investors to seize promising opportunities in Africa’s largest oil-producing nation.
Introduction
Exciting news is stirring in Nigeria’s petroleum sector as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) kickstarts the 2024 oil fields bid round. With twelve (12) oil blocks up for grabs and Seven (7) deep offshore blocks from last year’s bid round, NUPRC is paving the way for potential investors to seize promising opportunities in Africa’s largest oil-producing nation. This process is to be concluded by January 2025.
Please see the table below for the list of Blocks on offer:
Fairness and Transparency: Cornerstones of the Bid Process
NUPRC has made transparency and fairness its top priorities, ensuring that the bidding process for these greenfield assets is open, transparent, competitive, and non-discriminatory, aligning with Sections 73 and 74 of the Petroleum Industry Act, 2021 (PIA). While these assets pose challenges in revenue estimation, NUPRC remains committed to facilitating a transparent and equitable process for all stakeholders involved.
Revenue Surge and Prospects Ahead
Notably, NUPRC reported a significant increase in revenue from N3.78 trillion in 2022 to N4.34 trillion in 2023, underscoring the sector’s robust growth trajectory. With the 2024 bid rounds expected to generate substantial earnings through royalties, taxes, and other levies, investors can anticipate lucrative returns on their investments.
Important Notice: The information contained in this Article is intended for general information purposes only and does not create a lawyer-client relationship. It is not intended as legal advice from Jackson, Etti, & Edu (JEE) or the individual author(s), nor intended as a substitute for legal advice on any specific subject matter. Detailed legal counsel should be sought prior to undertaking any legal matter. The information contained in this Article is current to the last update and may change. Last Update: October 1, 2024.
