Nigeria’s 2024 Bid Round Continues Roadshow: NUPRC Releases Time Table, to Wrap Up Q1 2025 - Africa’s premier report on the oil, gas and energy landscape.

Nigeria’s 2024 Bid Round Continues Roadshow:  NUPRC Releases Time Table, to Wrap Up Q1 2025

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC )’s International Road Show  moved to Miami, in the state of Florida, in the United States on May 14 2024, a week after the agency launched the US leg of the licencing round at the Offshore Technology Conference in Huston.

NUPRC is offering 12 blocks in its second licencing round in 15 months. The commission says that  in addition to these blocks, the seven deep offshore blocks from the 2022/2023 mini-bid round exercise shall also be concluded, bringing a total of 19 oil blocks offered to investors in 2024.

The 2022/2023 ultradeep water mini bid round, which was launched with fanfare in January 2023, was to conclude in July 2023 but was held up by lack of response from the new executive administration which came into power in May 2023.

“The Roadshow  is needed to showcase and provide insight into new investment opportunities in Oil and Gas Exploration in Nigeria”, the regulator remarks in its promotional material, adding that the core objectives were to: “release the requirements for qualification;  present avenues for new business and partnership opportunities; provide exclusive information, data, teasers of oil licenses in proposed 2024 bid rounds; highlight the hydrocarbon potential of the blocks and existing data packages; establish legal, fiscal and contractual framework and commercial terms and ease matchmaking between country representatives and NUPRC”.

The regulatory agency has released a Time Table for the bid round, which notes that registration/submission of Pre-Qualification documents is currently ongoing and will end on June 25, 2024.

A Pre-Bid Conference, scheduled for May 28, 2024 in Lagos, has been postponed. Evaluation of submissions/publication of prequalified applicants are scheduled to run from June 28 to July 2, 2024.

Technical and Commercial Bid: July 4-December 13, 2024– Data access, data purchase, evaluation, bid reparation and submission are scheduled to run from July 4 to November 29, 2024. Technical bid evaluation, publication of pre-qualified companies will run from December 2, 2024 to December 9, 2024. Commercial bid conference will hold on December 13, 2024.

Ministerial Approval/Contracting: December 16 2024 to January 29, 2025-Ministerial approval of awardees, December 16, 2024 to December 20, 2024. Contract negotiation and signing: December 20, 2024 to January 10, 2025. Award of Licence: January 12, 2025 to January 29, 2025.

Nigeria holds 36.966 Billion Barrels of Oil, which ranks her 2nd in Africa, 8th in OPEC and 11th in the world, the NUPRC promotional material explains. “Nigeria is also richly endowed with 208.83 Trillion cubic feet (Tcf) of Natural Gas reserves with upside potential estimated at 600 Tcf”.

Find below, the full schedule of events in the bid round calendar:

 

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