Oil bidding: NUPRC to enhance sale, operations of 19 oil blocks

Just in: PETAN members, others consider bidding for Nigeria’s oil blocksThe Nigerian Upstream Petroleum Regulatory Commission, NUPRC has promised to create a sustainable environment for the sale and operations of Nigeria’s 19 oil blocks put forward for sale by the government.

He said the promise aligned with the mandate of President Bola Tinubu that bidders for assets in the 2024 licensing round are assured of seamless entry into the nation’s oil and gas industry. “This is in furtherance of the declaration of our dear president Bola Ahmed Tinubu, that Nigeria is ready for business with practical demonstration of that through the recent executive orders on various fiscal and policy incentives to enhance business in the oil and gas sector.

“The focus of the bid will be on technical and final capacity to proceed to the field on work programs, after awards while hitherto signature Bonus has been dropped to a token and replaced with Production Bonus.“The reform in the licensing rounds process is to refocus the energy of investors on hydrocarbon carbon resources development and optimization.

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