NUPRC reveals firms ineligible to bid for 2024 oil block licences in Nigeria

The Nigerian Upstream Petroleum Regulatory Commission has revealed that the 2024 oil block bid will not include firms and investors without financial capacity and technical competence.

The Chief Executive Officer of NUPRC, Gbenga Komolafe, disclosed this at the 2024 pre-bid conference in Lagos on Tuesday.

Speaking on the theme, “Unveiling Nigerian Energy Development Strategies: 2024 Licencing Round,” he said the government would not go in the direction where over 90 per cent of marginal fields will be left undeveloped despite having licence approvals.

He stated: “The 2024 bidding round is meant for investors with financial capacity and technical competence.

“In the past, the award of oil blocks culminated in the non-development of over 90 per cent of marginal fields, thus denying the federal government the opportunity to reap the intended benefits. This is because such awards were not based on technical and financial considerations.”

It was recalls that in May this year, NUPRC announced that it had begun bidding for 12 oil blocks listed for sale in Nigeria.

The development comes as the Nigerian government announced that international oil companies had committed $16 billion in investment in the country.