The chief executive of Nigeria Petroleum Licensing Round, Gbenga Komolafe on Monday in Abuja announced that the government has opened bids for 12 oil blocks.

This was made known through a statement re-emphasising an earlier announcement last month on the bidding.

It also waived the signature bonus requirement in the bidding process to convince investors for the auctioned oil blocks.

“On behalf of the Federal Government of Nigeria, the Nigerian Upstream Petroleum Regulatory Commission is pleased to announce the commencement of the 2024 Petroleum Licensing Round,” the statement indicated. 

On the number of blocks for the offer, Komolafe noted, “We have identified 12 blocks that cut across deep offshore, shallow water and onshore terrains to be made available to interested investors.”

According to him, this licensing round marks a significant milestone in our commitment to fostering sustainable growth and innovation within the energy sector, while providing economic opportunities for investment to spur new exploration, and development activities within our Petroleum landscape.

He explained that the 2024 Licensing Round represents an opportunity for both domestic and international stakeholders to engage in the exploration and development of Nigeria’s hydrocarbon resources.

He emphasised that at the core of this approach is the availability of top-notch geological and geophysical data.

Komolafe said the National Data Repository of NUPRC, in collaboration with multi-client partners, is committed to providing access to extensive and robust datasets to prospective bidders to enhance their decision-making.

Commenting on the offer of 12 blocks, he said in line with the objectives of the licensing round, the offer comprises a diverse range of exploration prospects and discoveries with varying technical and operational preferences.

Komolafe added, “Our goal for this licensing round is to harness innovative exploration techniques and foster partnerships that will enhance our production capabilities and ensure environmental sustainability.

“We anticipate that this initiative will not only expand our operations but also significantly contribute to the global energy supply, aligning with international energy security goals.”