The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has launched its 2024 oil licensing round featuring 12 blocks combined with 5 deep offshore assets from the 2023 round. The acreage, on offer through to January 2025, includes 6 greenfield oil blocks situated on the continental shelf, 4 deep offshore blocks and 2 onshore blocks in the Niger Delta.
In January 2024, NUPRC set a target to increase the country’s oil and condensates production from an estimated 1.6 mb/d in 2023 to 1.8 mb/d in 2024 and to 2.6 mb/d by 2026. The Nigerian Government recently announced that major oil companies, including TotalEnergies, Shell and ExxonMobil, had committed to invest US$13.5bn in Nigerian hydrocarbons in a short-term timeframe.
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