BREAKING: FG Points 24-Hour Deadline To Traders For Oil Block Licensing Registration


 FG has issued a 24-hour deadline to traders for oil block licensing registration.


PoliticalNews Nigeria studies that the Federal Authorities via the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has set a 24-hour deadline for brand new traders to register for the 2024 oil block licensing bid spherical.


This announcement was made by Mr. Gbenga Komolafe, the Chief Government of NUPRC, on Wednesday on the twenty third Nigerian Oil and Fuel Power Convention (NOG) in Abuja, which is themed “Showcasing Alternatives, Driving Funding, Assembly Power Demand.” 



In his presentation titled “Defining the Outlook for Deep Water Exploration and Production in Nigeria,” Komolafe said that the registration and submission of pre-qualification paperwork will shut at midnight on Friday, July 5, 2024. 


“Registration closes at 12 midnight Friday, July 5, 2024,’’ he stated. 


In line with Komolafe, the launch of the bid portal and commercial, which started on Might 29, 2024, concluded on Might 10, 2024. 


He talked about that the technical and industrial bid submission processes, together with information entry, information buy, analysis, bid preparation and submission, technical bid analysis, publication of pre-qualified corporations, and the industrial bid convention, would begin on August 7 and conclude on December 13. 


Komolafe said that ministerial consent, contracting, and negotiation would begin on December 16 and finish on January 29, 2025. 


He additionally famous that the full variety of blocks out there was 31, with 5 blocks at present beneath litigation.  


Talking on high-impact achievements to optimize production, the pinnacle of the NUPRC stated the fee performed a complete built-in research on the reactivation of shut-in strings in Nigeria, aiming to unlock 700 Million Barrels of Oil Per Day (MBOPD). 


The Chief Government defined that approvals had been granted for effectively interventions and re-entry operations with the potential to develop greater than six Million Barrels (MMB) of oil and 5 Trillion Cubic Ft (TCF) of fuel. 


He additional talked about that the Discipline Improvement Plans for extra production had been accredited for 4 fields, with a peak potential of roughly 125 MBOPD. 


He famous that the fee accelerated the approval and commissioning of 4 Different Crude Oil Evacuation Routes (ACOER) with a complete mixed capability of about 250 MBOPD. 

“The fee has engaged the E&P Firms on unlocking about 57 Trillion Cubic Ft (TCF) of uncommitted or unmonetised fuel reserves. 

“We developed and unveiled a template guiding the actions for Home Crude Oil Provide Obligation (DCSO) to make sure enough and uninterrupted feedstock to all home refineries in Nigeria. 

“Now we have issued the annual Home Fuel Supply Obligation (DGDO) to all lessees to drive fuel production development,’’ he stated. 

Leave A Reply

Your email address will not be published.