The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, yesterday, disclosed that it has commenced the process for the 2024 oil bid round with 12 oil blocks on offer and seven deep offshore blocks from last year’s bid round.
Engr. Komolafe explained that the Commission has put in place regulations to create a conducive investment environment by ensuring regulatory certainty, vacating entry barriers and promoting global competitiveness. He also disclosed that the Commission generated N4.344 trillion in revenues in 2023, a rise of 15 percent from N3.78 trillion generated in 2022.
The SPDC JV assets are currently operated by the SPDC on behalf of its Joint Venture partners namely NNPCL Limited and Total Upstream Nigeria Limited, Nigeria Agip Oil Company and SPDC.
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