AfrOil: Nigeria adds 17 deep offshore oil blocks to 2024 licensing round

Nigeria has expanded the 2024 Licensing Round for oil fields by adding 17 new deep offshore oil blocks.

This announcement comes shortly after May’s invitation for investors to bid for 12 oil blocks, which was later expanded by seven more deep offshore assets, and is the latest move in Nigeria’s bid to substantially increase its oil revenue.

The extra blocks were announced by Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe at a pre-bid conference in Lagos.

“In pursuit of the commission’s commitment to derive value from the country’s abundant oil and gas reserves and increase production, the commission has been working assiduously with multi-client companies to undertake more exploratory activities to acquire more data to foster and encourage further investment in the Nigerian upstream sector,” Komolafe said, according to The Punch newspaper.

He also noted that detailed information about these blocks is available on the bid portal, and bidders have the option to apply for certain assets as clusters or as single units.

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