NewsNUPRC Extends Dates For Oil Block Licencing Round, Offers Additional 17 Deep...

NUPRC Extends Dates For Oil Block Licencing Round, Offers Additional 17 Deep Offshore Oil Assets For Sale

June 19, (THEWILL)- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has extended the 2024 Licencing bid round registration. It also extended the dates for data access/data purchase/evaluation/bid preparation and submission.

The Commission Chief Executive Officer, Engr Gbenga Komolafe, announced these in a statement on Tuesday.

The statement titled: “Nigeria Oil Block Licencing Round – Updates on 2022/2023 And 2024 Licencing Rounds” informed that  registration/submission of pre-qualification documents, which was initially scheduled to close on June 25, 2024, has been extended by 10 days and will now close on July 5, 2024.

It added that data access/data purchase/evaluation/bid preparation and submission, which was initially scheduled to open on July 4, 2024, and close on 29/11/24 will now start on July 8, 2024, and close on 29/11/24 as previously scheduled.

The extensions are to allow interested investors to take advantage of the expanded opportunities.

The statement further stated that due to additional data acquired in respect of deep offshore blocks, the Commission has added seventeen (17) deep offshore blocks to the 2024 Licencing Round.

It reads in part: “The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) wishes to provide an update and clarity on the 2022/2023 and 2024 Licencing Rounds.

“It may be recalled that some deep offshore blocks were put on offer for the 2022/23 Mini Bid Round and other blocks which cut across onshore, continental shelf and deep offshore terrains were also put on offer for the Nigeria 2024 Licencing Round.

“In order to vacate entry barriers, the Commission had sought and obtained the approval of His Excellency, Mr President, Bola Ahmed Tinubu, GCFR, who, as Petroleum Minister, in line with his avowed determination to create enabling and attractive investment regimes in the upstream oil and gas sector, approved attractive fiscal regimes and also minimised entry fees for both licencing rounds by putting a cap on the signature bonus payable for award of the acreages.

“Consequently, it is necessary to ensure that the same bid criteria (in addition to the uniform signature bonus criteria) are applicable for both licencing rounds, to promote transparency and provide a level playing ground for all bidders

“Since the criteria for the award of the oil blocks are now much more attractive than they initially were during the 2022/23 Mini Bid Round, it is in the interest of equity and fair play to give all investors the same opportunity to bid for the assets.

“Consequently, all blocks in the 2022/23 and 2024 Licencing Rounds are available to all interested investors on br.nuprc.gov.ng and br2024.nuprc.gov.ng respectively, and the 2022/23 Mini Bid Round registration phase is reopened to new applicants.

“The public is therefore invited to take advantage of this development and attractive entry terms and conditions and participate in the exercise.

“However, all the pre-qualified applicants published on the 2022/23 Mini Bid Round portal will not be required to go through a new pre-qualification process, as their technical submissions remain valid and eligible even for the 2024 Licencing Round. They may, however, wish to resubmit new Commercial Bids to take advantage of the more attractive criteria applicable to both licencing rounds and revise their Bid Bonds to adapt to the new bid criteria. They are also free to bid for blocks on offer in the 2024 Licencing Round.

“To allow interested investors to take advantage of the expanded opportunities, the 2024 Licencing Round Schedule has been amended as follows: 

“Registration/Submission of Pre-Qualification Documents which was initially scheduled to close on 25 June 2024 has been extended by 10 days and will now close on 5 July 2024.

“Data Access/ Data Purchase/Evaluation/Bid Preparation and Submission which was initially scheduled to open on 4 July 2024 and close on 29/11/24 will now start on 8 July 2024 and close on 29/11/24 as previously scheduled. 

“All other dates in the published 2024 Licencing Round Schedule remain the same unless otherwise communicated.

“Lastly, in accordance with the published guidelines, we had earlier indicated that some of the assets on offer should be applied for as clusters, namely: PPL 300-CS & PPL 301-CS, PPL 2000 and PPL 2001.

“As a result of additional data acquired with respect to deep offshore blocks, the Commission has added seventeen (17) deep offshore blocks to the 2024 Licensing Round.

“Bidders are hereby advised that they may, at their option, bid for those blocks as clusters or as single units.

“Further details on the blocks can be found on the bid portal.

“For further clarification please refer to the Frequently Asked Questions (FAQ) Sections of the 2022/23 and 2024 Licencing Round Portals.”

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