NUPRC extends deadline for pre-qualification registration

The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has introduced the extension of the deadline for the registration and submission of pre-qualification paperwork for the 2024 oil block licensing spherical.

Gbenga Komolafe, Fee Chief Government (CCE), NUPRC, introduced the extension in an announcement issued on Wednesday.

Komolafe mentioned the registration and submission of pre-qualification paperwork, initially scheduled to shut on 25 June, had been prolonged by 10 days and would now shut on 5 July.

In response to him, the info entry, buy, analysis, bid preparation and submission, initially scheduled to open on 4 July and shut on 29 November, will begin on 8 July and shut on 29 November, as beforehand deliberate.

He mentioned all different dates within the revealed 2024 Licencing Spherical Schedule remained unchanged except in any other case communicated.

“In pursuit of the fee’s dedication to derive worth from the nation’s plentiful oil and gasoline reserves and improve manufacturing, the fee has been working assiduously with multi-client corporations to undertake extra exploratory actions.

“That is to amass extra knowledge to foster and encourage additional funding within the Nigerian upstream sector,” he mentioned.

Further deep offshore blocks

Mr Komolafe mentioned that on account of extra knowledge acquired regarding deep offshore blocks, the fee added 17 deep offshore blocks to the 2024 Licensing Spherical.

He mentioned that additional particulars on the blocks might be discovered on the bid portal.

“In accordance with the revealed tips, we had earlier indicated that a number of the belongings on provide needs to be utilized for as clusters, particularly: PPL 300-CS & PPL 301-CS, PPL 2000 and PPL 2001.

“Bidders are hereby suggested to bid for these blocks as clusters or as single items; it’s non-compulsory,” the assertion quoted Mr Komolafe as saying.

Recall that some deep offshore blocks and different blocks, which lower throughout onshore, had been placed on provide for the 2022/2023 Mini Bid Spherical.

The continental shelf and deep offshore terrains had been additionally placed on provide for the Nigeria 2024 Licencing Spherical.

Enticing award standards

To vacate entry boundaries, the fee sought and obtained the approval of President Bola Tinubu, who was mentioned to be decided to create enabling and enticing funding regimes within the upstream oil and gasoline sector.

Mr Tinubu, additionally the petroleum minister, had authorized enticing fiscal regimes and minimised entry charges for each licencing rounds by placing a cap on the signature bonus payable for the award of the acreages.

“Consequently, it’s obligatory to make sure that the identical bid standards (along with the uniform signature bonus standards) are relevant for each licencing rounds to advertise transparency and supply a stage taking part in floor for all bidders.

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“Because the standards for the award of the oil blocks at the moment are rather more enticing than they initially had been in the course of the 2022/2023 Mini Bid Spherical, it’s within the curiosity of fairness and truthful play to offer all buyers the identical alternative to bid for the belongings.

“All blocks within the 2022/2023 and 2024 Licencing Rounds can be found to all buyers on br.nuprc.gov.ng and br2024.nuprc.gov.ng respectively.

“And the 2022/2023 Mini Bid Spherical registration section is reopened to new candidates.

“The general public is subsequently invited to reap the benefits of this growth and enticing entry phrases and situations and take part within the train,” the assertion additionally quoted Mr Komolafe as saying.

(NAN)