2024 Oil Licensing Process Fair, Open, Inclusive, NUPRC Insists

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed that the 2024 oil licensing round was conducted with fairness, openness, and inclusivity at its core.

Chairman 2024 Bid Round Committee, NUPRC, Bashiru Indabawa who made this known,  insisted that the bid round was conducted transparently in line with the Petroleum Industry Act and regulations released by the Commission and was widely regarded as a success, attracting robust participation from both international oil companies and indigenous firms.

Indabawa, who is also the executive commissioner in charge of Exploration and Acreage Management in NUPRC, emphasised that the process adhered strictly to global best practices and the principles of the Extractive Industry Transparency Initiative (EITI).

Hde said the commission leveraged digital technology to ensure an efficient, seamless, and transparent bidding process, with commercial bids submitted and evaluated electronically in the presence of representatives from key regulatory and transparency bodies.

A total of 25 winners emerged based on merit, including major players such as Sifax & Royalgate Consortium, Ocean Gate Engineering Oil, and MRS Oil and Gas Limited. The commission highlighted features such as reduced signature bonuses, optimised local content, and streamlined contracting as measures designed to foster a competitive and investor-friendly environment.

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Indabawa stated that “the NUPRC recently undertook the initiation and conclusion of the 2024 Oil Bid Round. This process was characterised by a comprehensive and rigorous framework designed to ensure transparency and stakeholder engagement. Among the key components of this meticulous process were public hearings held at various stages, where all relevant industry stakeholders were encouraged to participate and voice their perspectives.

“These hearings facilitated a collaborative atmosphere, allowing for input from regulatory agencies and all parties operating in, and overseeing industry operations. Their involvement was not limited to the final stages of the bid round; they played an integral role from the very outset, contributing to the development of regulations and guiding the bid process. This level of engagement and procedural rigour underscores a commitment to fostering a fair and competitive bidding environment in the Nigerian oil sector.

“The selection process for the 2024 oil bid round was a comprehensive and inclusive event, involving a diverse array of stakeholders such as the International Oil Companies (IOCs), various local and international firms, the Nigeria Extractive Industries Transparency Initiative (NEITI), relevant government agencies, civil society organisations, and both national and international media representatives.

“This process was conducted in a manner that upheld the principles of competitiveness, openness and transparency, as mandated by section 73 of the Petroleum Industry Act (PIA)”.

The executive commissioner in charge of Exploration and Acreage Management in NUPRC, stated further that “the meticulous processes and regulatory frameworks established by the NUPRC during the 2024 Oil Bid Round demonstrate a commitment to transparency and fairness in the industry. Allegations of misconduct, particularly those lacking substantive evidence, distract from the real advancements being made in the oil sector and contribute to a culture of misinformation”.