Federal Government Commences 2024 Oil Bid Rounds Under Petroleum Industry Act

The Federal Government of Nigeria has officially announced the commencement of the 2024 oil bid rounds in accordance with the provisions of the Petroleum Industry Act (PIA). This announcement was made in Abuja during the first edition of the NEITI House Dialogue organized by the Nigerian Extractive Industries Transparency Initiative (NEITI).

At the event, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) disclosed that it generated N4.34 trillion in revenue in 2023. Speaking on behalf of NUPRC, Chief Executive Gbenga Komolafe outlined that the oil licensing rounds are aimed at enhancing the quality of data sets and will be conducted in a fair, transparent, and competitive bidding process, as mandated by Sections 3 and 74 of the PIA.

Komolafe emphasized the commitment of NUPRC to conduct the bidding process in a non-discriminatory manner, ensuring that all stakeholders have equal opportunities. He announced that the 2024 licensing round, as prescribed in the PIA, will commence at the end of the month, with a focus on offshore exploration.

“We have set very clear criteria to guide the implementation of the process from the beginning to the end transparently,” stated Komolafe. He further highlighted that part of NUPRC’s responsibilities includes marketing the nation’s hydrocarbon resources to prospective investors, a task that has already begun.

The announcement signals the government’s proactive approach to the exploration and development of Nigeria’s oil and gas reserves, as outlined in the PIA. It also underscores the commitment to transparency and fairness in the management of the country’s extractive industry.

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