• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, August 25, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

12 Oil Blocks Sale: NUPRC Assures Investors Of Presidential Backing

by Leadership News
1 year ago
in Business
NUPRC
Share on WhatsAppShare on FacebookShare on XTelegram

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it has received presidential approval to remove all entry barriers to the licensing round including reducing the entry fee to the barest minimum.

Advertisement

The NUPRC boss said this on Tuesday at the Miami International Roadshow for the 2024 licensing round hosted by the NUPRC in collaboration with the Petroleum Technology Association of Nigeria (PETAN) and Zetse Advisory & Consulting.

Twelve new blocks namely PPL 300-CS; PPL 301-CS; PPL 3008; PPL 3009; PPL 2001; PPL 2002; PML 51; PPL 267; PPL 268; PPL 269; PPL 270; and PPL 271 including 7 old blocks in the 2022 mini-bid are on offer by the NUPRC.

The 2024 block licensing round is scheduled to last for approximately nine months.
Nigeria has 37.5 billion barrels of crude oil and condensate reserves and 209.26 trillion cubic feet of natural gas reserves representing above 30 per cent and 33 per cent respectively of the entire oil and gas reserves in Africa.

Komolafe said the 2024 licensing round is different due to the decision by the government to eliminate entry barriers.

RELATED

Inflationary Pressures Hamper Business Operations

Stanbic IBTC Bank To Reward Private Banking Clients In Promo

11 minutes ago
Advancly Microfinance Bank To Enhance Financial Access

Advancly Microfinance Bank To Enhance Financial Access

14 minutes ago
ADVERTISEMENT

He said, “Nigeria under President Bola Ahmed Tinubu, GCFR as the minister of Petroleum Resources has become a lot more proactive and pragmatic in ensuring that entry does not constitute a barrier to entry for investment in exploration blocks offered.

“As a responsible regulator, the Commission will continue to review the prevailing global investment climate to ensure that the entry fees associated with all licensing rounds are competitive in the context of global realities.

“Broadly speaking, competitive entry fees that are responsive to prevailing realities will be adopted in the 2024 Block licensing rounds. Also, considerations for the commerciality of projects will be made on a case-by case basis for the determination of appropriate entry fees.”

ADVERTISEMENT

The NUPRC boss said that in the case of the 2024 licensing round, the commission would implement suitable models that support investments and guarantee value for stakeholders in accordance with the government’s aspirations.

He assured that the blocks on offer have extensive 2D and 3D seismic data coverage, including multi-beam and analog data.

Komolafe said, “Additionally, a 3D reprocessed Pre-stack Time Migration of remarkable quality is also available to prospective bidders.

“The availability of advanced seismic datasets and analytical tools via our dedicated portals exemplifies our commitment to excellence and technological advancement.”

The NUPRC boss also addressed securities concerns saying that the Petroleum Industry Act has provided a fund for the host communities which will help eliminate vandalism and theft.

Komolafe said, “The PIA as the overriding legislation has a provision for inclusiveness which is a recipe for sustainable security in the country. So, there is a provision in the PIA that provides the Host Community Development Fund.

“It is a provision that guarantees inclusivity and a peaceful host community environment and as we spark, the NUPRC is implementing that provision which we call the host community provision in the PIA.”

He said the guidelines for participation are structured to ensure fairness and strategic partnership, fostering not just economic returns but also technological exchange and capacity building.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
SendShare10180Tweet6363Share
ADVERTISEMENT
Previous Post

Seven Tips On Helping The Environment

Next Post

Record 5.9m Nigerian Children In Severe Food, Nutrition Crisis

Leadership News

Leadership News

You May Like

Inflationary Pressures Hamper Business Operations
Business

Stanbic IBTC Bank To Reward Private Banking Clients In Promo

2025/08/25
Advancly Microfinance Bank To Enhance Financial Access
Business

Advancly Microfinance Bank To Enhance Financial Access

2025/08/25
CBN Intervention Funds Boost Non-oil Export Earnings
Business

Report Net External Reserves For True Economic Picture, Economist Urges FG

2025/08/25
Nigeria
Business

Nigeria, Japan Forge Strategic Mining Alliance At TICAD9

2025/08/24 - Updated on 2025/08/25
Passengers Face Flight Delay As Multiple Bird Strikes Hit Air Peace Aircraft
Business

4 Months To Yuletide: Air Peace, United Nigeria Jack Return Tickets To N677,000

2025/08/24
Equities’ Investors Lose N201bn W-o-W Amid Post-MPC Rebalancing
Business

Broad-based Selloffs Deepen Market Losses By N2.29trn W-o-W

2025/08/24
Leadership Conference advertisement

LATEST

Stanbic IBTC Bank To Reward Private Banking Clients In Promo

Advancly Microfinance Bank To Enhance Financial Access

Report Net External Reserves For True Economic Picture, Economist Urges FG

Tinubu Arrives Brazil, Eyes Multi-billion Dollar Agro, Energy, Tech Deals

‘Africa’s Salvation Lies In Lagos, Johannesburg, Not Washington, Beijing’, Says Malema

2027: Abejide Backs Tinubu Re-election Bid

Nigerian-American Polymath Ready To Lead California’

PenCom, NLC Trade Words Over N24.6trn Pension Assets Management

Gov Buni Seeks Prayers For Tinubu, Other Leaders As Islamic Scholars Visit Yobe

‘Withholding Osun Local Gov’t Funds Highly Political,’ Says Ozekhome

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.