FG woos global investors for 17 oil blocks

The Federal Government, on Tuesday, offered 12 oil blocks and five deep offshore assets for sale as it marketed the assets to global oil sector investors at the ongoing 2024 Offshore Technology Conference in Houston, United States.

Speaking at the African Oil Industry Opportunities Session, a side event at the 2024 Offshore Technology Conference, the Chief Executive, Nigerian Upstream Regulatory Commission, Gbenga Komolafe, told investors at the gathering that Nigeria has 37.5 billion barrels of crude oil and condensate reserves and 209.26 trillion cubic feet of natural gas reserves.

This, he said, represents above 30 per cent and 33 per cent respectively of the entire oil and gas reserves in Africa aside from an abundant mix of other renewable energy resources.

He said, “It is towards the exploitation and optimisation of these abundant hydrocarbon resources that Section 7(t) of the Petroleum Industry Act empowers the NUPRC as the industry regulator to conduct bidding rounds for the award of PPLs (Petroleum Prospecting Licences) and PMLs (Petroleum Mining Licences) according to the Act and applicable regulations.

“It is on this premise that the Federal Government through the Nigerian Upstream Petroleum Regulatory Commission is pleased to announce the commencement of the 2024 Licensing Round at this global event for participation by international investors with financial and technical capacity.

“The exercise, initially announced on April 29, 2024, is a significant leap in our strategic hydrocarbons development initiative. This round introduces 12 meticulously selected blocks across diverse geological spectra — from the fertile onshore basins to the promising continental shelves and the untapped depths of our deep offshore territories.”

Komolafe said each block had been chosen for its potential to bolster the country’s reserves and stimulate economic vitality.