The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, April 29, revealed that it has begun the 2024 marginal fields bid round for 17 oil blocks.<\/p>\n
\nThe NUPRC\u2019s chief executive, Gbenga Komolafe, who broke the news at the First Edition of the Nigerian Extractive Industries Transparency Initiative (NEITI) in Abuja, added that the process will end by January 2025.<\/p>\n
He said: \u201cIt is my pleasure and honour to announce to you that the 2024 licensing round as prescribed in the Petroleum Industry Act will commence from the end of this month and will be in the market.<\/p>\n
\u201cThe process has commenced and we set very clear criteria that will guide the implementation of the process from beginning to end in a transparent manner.\u201d<\/p>\n
Asked how many blocks are for the offer, he said currently there are 12 blocks in addition to the seven blocks that their bid round was not completed in from the 2022 process.<\/p>\n
Although seven plus 12 should have been 19 blocks, he insisted 17 blocks are offered in the 2024 bid round.<\/p>\n
Komolafe said: \u201cAs it relates to the 2024 bid process we are currently putting on offer 12 blocks.<\/p>\n
\u201cBut I need to recall that remember that we commenced a bid process in 2022, where we put seven deep offshore assets on offer but as the termination (completion date) was close to the last election we had to put a hold on it for the bid not to near the political process.<\/p>\n
\u201cBut right now we are completing that process and we equally have 12 new bid rounds in the ongoing process. So, in totality, we target to complete 17 blocks on offer between now and early next year.\u201d<\/p>\n
He disclosed that currently, the commission is making a comprehensive review of awarded assets that are underperforming and those that have not been brought to maturity.<\/p>\n
\u201cWhat we are doing is to bring them to a competitive bid process,\u201d he insisted.<\/p>\n
The Chief Executive Officer noted that crude oil production is now about 1.5 million barrels per day, and the commission is making efforts to rev it up with the Organization of Petroleum Exporting Countries (OPEC) 1.74mbd quota for Nigeria.<\/p>\n
He lamented that before the enactment of the Petroleum Industry Act (PIA), the oil and gas sector was only designed in a manner that had no emphasis on value addition to crude oil production and export.<\/p>\n
He said: \u201cUnfortunately, our upstream is designed in a manner that crude oil is just exported without value addition.\u201d<\/p>\n
Komolafe insisted that there should be a reversal of that design of the \u201cload and go approach.\u201d<\/p>\n
According to him, the commission is determined to ensure that local refineries must have feedstock.<\/p>\n
He revealed that NUPRC has given Dangote Petroleum Refinery its rule of engagement in place for refiners.<\/p>\n
The CEO added: \u201cWe want to have a turnaround in which our refining capacity must be stepped up.\u201d<\/p>\n
Asked whether the commission is ready to provide a letter of guarantee to refineries to tender to their international creditors for loans for feedstock purchase, his answer was negative.<\/p>\n
He described the establishment of a refinery as a commercial engagement or transaction thus, the NUPRC cannot be the one to offer them a guarantee.<\/p>\n
Komolafe however noted that the commission has put in place a domestic crude oil supply obligation.<\/p>\n
He said the NUPRC will always ascertain the domestic refining capacity and make it obligatory for the producers to meet the figure.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, April 29, revealed that it has begun the 2024 marginal fields bid round for 17 oil blocks. The NUPRC\u2019s chief executive,…<\/p>\n","protected":false},"author":1,"featured_media":111636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-111635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n
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