NUPRC reiterates commitment to investor friendly oil bid rounds

Adewale Akintaro

In preparation for the next oil bid round, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has emphasized the country’s resolve to break all entry barriers for potential investors.

Mr. Gbenga Komolafe, Commission Chief Executive, NUPRC, gave the assurance during the opening of the Nigerian Pavilion at the Offshore Technology Conference (OTC) on Monday in Houston, U.S noting that the federal government is committed to giving robust incentives to new entrants in commencement of oil bid licensing round which will commence later in the year.

He added that in line with the mandate of President Bola Tinubu, investors wishing to bid for assets in the 2024 licensing round were assured of seamless entry with nothing to worry about.

“It is heartwarming to note that Nigeria’s licensing round is coming at the same time Guyana is holding same. The offer by Nigeria as an investment destination of choice creates an opportunity for them to make the right choice and there are 12 oil blocks up for grabs in the 2024 oil bid licensing round.

“The aim of the 2024 oil licensing round is to grow the country’s depleting oil production numbers and oil reserves and the oil bid round would further support the Federal Government’s effort targeted at boosting Foreign Direct Investment (FDI).

“Other gain associated with the bid round is an opportunity for the country to grow its local content capacity. The 2024 OTC is an opportunity for the country to market its oil and gas potential to the global community.

Meanwhile, the Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri reiterated the importance of oil while urging investors to take opportunity of the oil bid round to make investment.

“Historically, no source of energy goes away. So do not be deceived that fossil fuel will go away. Talks at the recent global conferences have further proved that fossil fuel will continue to remain, the quicker we extract our oil, the better for us as a country,”Lokpobiri said.

He reaffirmed that the quickest way towards economic recovery for Nigeria was through oil and gas investment.

The minister said the country’s huge oil and gas deposit would mean nothing if they remain on the ground and were not explored.

In his remarks, Mr. Wole Ogunsanya, Chairman, Petroleum Technology Association Nigeria (PETAN), said the OTC continued to discuss on building a sustainable oil and gas industry across Africa in light of the energy transition.

Ogunsanya commended the minister for honouring the association in declaring the Nigerian pavilion opened while appreciating the support of NUPRC and other stakeholders towards supporting Nigerian companies at the 2024 OTC exhibition ground.