Exclusive Look: Nigeria’s 2024 Oil Licensing Round to be Unveiled at Invest Conference
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will present its 2024 oil licensing round during a dedicated session called “Invest in Nigeria” at the Invest in African Energy forum in Paris next week. As the regulatory body responsible for overseeing technical and commercial aspects of upstream petroleum operations in Nigeria, the Commission will unveil its energy development strategy for 2024, which includes the recently launched licensing round. The bid round will close in January 2025 and features 12 oil blocks, along with five deep offshore blocks from the previous year’s round, encompassing a mix of greenfield, offshore, and onshore assets. Nigeria aims to attract both local and international explorers to its acreage in order to increase its reserve base, maximize production, and enhance energy security.
The Invest in African Energy forum (IAE 2024) is an exclusive event designed to facilitate collaboration between European investors and African energy markets. Taking place on May 14-15, 2024, in Paris, the forum offers participants two days of intensive engagement with industry experts, project developers, investors, and policymakers. For more information, please visit www.Invest-Africa-Energy.com.
During the session, NUPRC CEO Engr. Gbenga Komolafe and Executive Commissioner, Exploration & Acreage Management, Indabawa Bashari Alka, will lead the presentation. This session is part of a broader effort to promote Nigeria’s latest developments in the energy sector. In order to attract new investments, the Commission is committed to establishing a business-friendly environment by ensuring regulatory certainty and removing barriers to entry in Nigeria’s upstream industry. The upcoming forum presents a strategic opportunity for investors to participate in Nigeria’s energy revolution, as the country aims to attract up to $7.6 billion in upstream investments to restore production to 2.1 million barrels per day.
Sandra Jeque, Event & Project Director at Energy Capital & Power, highlights that the IAE forum serves as the top-tier platform for investors to explore Africa’s prime investment prospects, such as licensing rounds and farm-in opportunities, while also enabling direct interaction with African regulators. The upcoming session will delve into the criteria for Nigeria’s most recent bid round, as well as present further prospects in oil and gas exploration, LNG, refining, and other sectors.
