The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced 25 winners and 10 Reserve Bidders,’ for the 2022/2023, 2024 Nigeria’s Oil Licensing Round.

According to NUPRC document seen by New Telegraph on Wednesday, there were six winners for the 2022/2023 deep shore licensing round and four reserved bidders.

The document showed that there are 19 winners and 6 reserve bidders for the 2024 commercial bid.

The Commission Chief Executive (CCE), NUPRC, Engr. Gbenga Komolafe who spoke at the Commercial Bid Conference yesterday in Lagos, said the official launch of the 2024 Licensing Round, was a bold declaration that Nigeria was ready for business.

He noted that the 2024 licensing round, the first since the implementation of the Petroleum Industry Act (PIA) in August 2021, was a a pivotal moment in Nigeria’s energy landscape.

While noting that the Conference would unveil winners of the licensing round, the CCE added that it has set the stage for significant advancements in hydrocarbon development

He said: “This Licensing Round is not merely a commercial exercise; it is a bold declaration that Nigeria is ready for business.

“The conference aims to transparently unveil the winners of the licensing round while discussing strategies to harness Nigeria’s vast hydrocarbon resources.

“The 2024 Licensing Round, launched in May, represents a significant leap in Nigeria’s hydrocarbon development strategy.

“The licensing round offers twenty-four (24) carefully selected blocks spanning onshore, shallow water, and deep offshore terrains.

“Complementing these are the seven deep offshore blocks from the 2022 Mini Bid Round, bringing the total to thirty-one (31) blocks.

“These assets cumulatively hold enormous potential for economic growth, energy security and technological advancement.

“With 209 trillion cubic feet of natural gas reserves and over 37 billion barrels of oil reserves, Nigeria is poised to capitalise on its untapped potential.

“Key objectives of the licensing round include:.Growing our country’s oil and gas reserves through aggressive exploration and development.

Boosting production while expanding opportunities for gas utilisation across the value chain.

“Enhancing energy security and economic growth. Attracting investments while creating employment opportunities and enabling technology transfer.

“Optimising the value of our petroleum assets and ensuring sustainable development of Nigeria’ untapped potentials.”

Komolafe emphasised commitment to transparency and accountability in managing Nigeria’s oil and gas sector, aligning with global best practices and principles of the Extractive Industry Transparency Initiative (EITI).

The commercial bids would be opened through an electronic bidding process supervised by representatives from NEITI, the Federal Ministry of Finance, and the Federal Ministry of Petroleum Resources.

Speaking further, Engr. Komolafe highlighted several unique features of the Licensing Round designed to foster an investor-friendly environment, to include: Investor-friendly terms with reduced signature bonuses and the recent Presidential Executive Orders on non-associated gas (NAG) development, optimised local content and the reduction of contracting costs and timelines.

“We have fostered an enabling environment that strengthens Nigeria’s competitiveness in the global energy market. This round prioritises single applicants or well-established consortia to ensure greater efficiency and accountability, as against the 2020 MFBR 2020 where the allocation of blocks to multiple companies presented certain challenges.

“This bid round has also been designed to foster collaboration between reputable local companies and their international counterparts, promoting local content development, creating employment opportunities and facilitating technology transfer.

“Environmental and social considerations remain a top priority, and we will ensure that all exploration and production activities adhere to global best practices while promoting harmonious and peaceful coexistence between oil and gas companies and their host communities.

“Following this conference, successful bidders will receive their blocks within months; payments of Signature Bonuses will be made in full before the granting of licenses or leases; awarded blocks will undergo aggressive exploration and development in line with minimum work programme obligations; capacity building and job creation for Nigerians will be prioritized, while delivering optimal value to both our local and foreign investors and government will continue to integrate sustainability measures into all exploration and production activities, safeguarding host communities and protecting the environment.

“As Nigeria embraces this transformative opportunity for growth driven by favorable fiscal provisions under the PIA and Presidential Executive Orders, Engr. Komolafe expressed optimism about early final investment decisions (FIDs), increased exploration activities, and prompt first