{"id":242190,"date":"2023-01-17T06:32:02","date_gmt":"2023-01-17T05:32:02","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=242190"},"modified":"2023-01-17T06:32:02","modified_gmt":"2023-01-17T05:32:02","slug":"oil-blocs-licensing-will-end-in-april-fg","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/01\/17\/oil-blocs-licensing-will-end-in-april-fg\/","title":{"rendered":"Oil blocs licensing will end in April \u2013 FG"},"content":{"rendered":"

The Federal Government has announced that the licensing round for seven deep offshore open oil blocs, which commenced on January 3, 2023, would end in April.<\/p>\n

The Chief Executive, Nigeria Upstream Petroleum Regulatory Commission, Gbenga Komolafe, disclosed this on Monday in Lagos at the pre-bid conference for the 2022\/2023 licensing round of petroleum prospecting licences in deep offshore Nigeria.<\/p>\n

The pre-bid conference was held following the announcement of the 2022\/2023 mini-bid round exercise on December 22, 2022.<\/p>\n

Speaking at the conference, which had its theme as \u201cGrowing Upstream Investment in Nigeria through Licencing Round: The Bid Process and Opportunities,\u201d Komolafe said the approval of the exercise by President Muhammadu Buhari was the first in the last 15 years.<\/p>\n

In his speech, the NUPRC boss explained the commission had announced the commencement and launched the bid round portal which was officially opened on January 3, 2023.<\/p>\n

\u201cThe exercise is scheduled to last for approximately four months along the following processes: registration and pre-qualification, data prying\/purchase, technical bid submission\/presentation, technical bid evaluation, and commercial bid conference,\u201d he stated.<\/p>\n

He noted that in compliance with the provisions of the PIA 2021 and regulations made pursuant to the Act, the commission issued a licensing round guideline and published a licensing round plan for a total of seven deep offshore open blocs.<\/p>\n

He outlined the blocs<\/a> to include PPL-300-DO, PPL-301-DO, PPL-302-DO, PPL-303-DO, PPL-304-DO, PPL-305-DO and PPL-306-DO.<\/p>\n

Komolafe said, \u201cThe seven deep offshore blocks, covering an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m, are on offer in this mini-bid round.<\/p>\n

\u201cThese are intended to be the first in a series of bid rounds aimed at further development of our prospective petroleum basins.\u201d<\/p>\n

He said the bid rounds were within the context of the commission\u2019s legal and regulatory frameworks, as enshrined in Section 73 of the PIA, which sought to encourage new investors and investments into the next phase of oil and gas exploration in Nigeria.<\/p>\n

\u201cLet me clearly indicate that this pre-bid conference is a clarion call to technically and financially capable local and foreign investors to invest and take advantage of the generous fiscal and regulatory regime in the Nigerian upstream petroleum sector.<\/p>\n

\u201cThe mini-bid round is a market-driven programme expected to outperform the last bid round which was held in April 2007 during which a total of 45 blocs were put on offer under a different regulatory regime (the Petroleum Act, 1969),\u201d he stated.<\/p>\n

Also speaking at the pre-bid conference, the Minister of State for Petroleum Resources, Timipre Sylva, said the process was formulated in cognisance of global sustainability goals.<\/p>\n

\u201cOn the global scale, the licensing round will no doubt be beneficial to all stakeholders and will in the long run contribute to long-term global energy sufficiency\u201d, he said.<\/p>\n

According to the minister, interestingly, the oil and gas industry in Nigeria has embraced the reality of energy transition and is taking a strategic position to leverage the opportunities presented by the unfolding era.<\/p>\n

Sylva also said that seven oil blocs had been listed for the ongoing mini 2022\/2023 bid rounds.<\/p>\n

\u201cThe seven deep offshore blocks have been thoroughly evaluated and are believed to have significant potential for hydrocarbon reserves. They are in some of the most promising areas of the deep waters of Nigeria which have been de-risked by other producing fields nearby,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Government has announced that the licensing round for seven deep offshore open oil blocs, which commenced on January 3, 2023, would end in April. The Chief Executive, Nigeria Upstream Petroleum Regulatory Commission, Gbenga Komolafe, disclosed this on Monday in Lagos at the pre-bid conference for the 2022\/2023 licensing round of petroleum prospecting licences […]<\/p>\n","protected":false},"author":5,"featured_media":239666,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"PUNCH","source_url":"","via_name":"","via_url":"https:\/\/punchng.com\/oil-blocs-licensing-will-end-in-april-fg\/","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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