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| Nigerian Government Initiates Bidding for 12 Oil Blocks |
The Nigerian government has initiated the bidding process for 12 oil blocks up for sale.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, made this known in a statement on Monday in Abuja.
This marks the beginning of the 2024 Nigeria Petroleum Licensing Round and the continuation of the 2022/2023 mini-bid round.
"On behalf of the Federal Government of Nigeria, the Nigerian Upstream Petroleum Regulatory Commission is delighted to announce the start of the 2024 Petroleum Licensing Round," he stated.
Regarding the blocks available for bidding, Komolafe remarked, "We have selected 12 blocks spanning deep offshore, shallow water, and onshore areas to be offered to prospective investors."
Remember, the commission made the initial announcement about the bidding last month.
The signature bonus requirement has been removed from the bidding process to attract foreign investors to the oil blocks on offer.
