NUPRC dismisses claims of pointers violation in 2024 oil block licensing spherical
The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has dismissed allegations of irregularities within the 2024 oil block licensing spherical, asserting that the method strictly adhered to the Petroleum Business Act (PIA) 2021 and its licensing pointers.
This disclosure was made by the Chief Government of the NUPRC, Mr. Gbenga Komolafe, on Thursday in Abuja, as reported by the Information Company of Nigeria (NAN).
He said that the bidding course of was clear, aggressive, and pushed by know-how.
“The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) stated that no oil licensing pointers violations occurred throughout the 2024 oil block licensing spherical.
“The fee said that the method was carried out in strict compliance with the Petroleum Business Act (PIA) and its personal licensing pointers, making certain a clear, aggressive and technology-driven bidding train.
“The 2024 oil block licensing spherical adhered totally to all statutory provisions and pointers, with no discrimination or corrupt practices concerned,” the supply learn partly.
Komolafe said that the licensing spherical adopted a multi-stage course of pre-qualification, technical analysis, and industrial bid evaluation, requiring bidders to submit paperwork corresponding to incorporation papers, tax clearances, and proof {of financial}, technical, and authorized capability.
He famous that, opposite to latest media claims {that a} newly registered firm was improperly awarded oil blocks, the Fee’s pointers don’t prohibit participation based mostly on an organization’s age.
Extra insights
The NUPRC Government emphasised that the industrial bidding part was carried out digitally with encrypted techniques to make sure information integrity, and outcomes have been introduced stay, witnessed by NEITI and key authorities stakeholders.
Komolafe revealed that a number of indigenous oil firms not solely participated however outbid nationwide and worldwide contenders, signaling sturdy investor confidence in Nigeria’s upstream sector post-PIA.
He famous that the robust efficiency of indigenous companies displays renewed investor confidence pushed by the implementation of the Petroleum Business Act (PIA).
NUPRC’s Government emphasised its dedication to transparency, assuring the general public of a good and investor-friendly regulatory atmosphere below the present administration.
What it’s best to know
In Could 2024, NUPRC introduced the graduation of the 2024 oil block licensing spherical, and in July, the Fee issued a 24-hour deadline for brand spanking new traders to register for participation, as reported by Nairametrics.
- In December 2024, the Federal Authorities efficiently concluded its first licensing spherical below the PIA 2021, with a number of indigenous oil and gasoline companies awarded Petroleum Prospecting Licences (PPLs), granting them rights to discover and produce hydrocarbons from onshore and offshore blocks
