The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) plans to allocate 12 oil blocks in the continental shelf and deep offshore in a new oil bid round as part of its Regulatory Action Plan for 2024 and the Near term. The NUPRC already has an ongoing mini bid round (2022/2023) for seven deep offshore blocks called Petroleum Prospecting Licences (PPLs) that is expected to conclude in 2024. Afterwards, the regulatory body expects to offer a new oil bid round of 12 oil blocks to interested bidders.
Moreover, the NUPRC also stated the establishment of a robust framework to guide issues of divestment and implementation of Decommissioning and Abandonment and Host Community Development Trust, as well as its intention to engage certified metering experts to conduct technical integrity audits of the metering facilities in the Nigerian upstream sector with a view to ensuring that they are functioning at best practices and industry allowable limit of error.
In January 2024, the regulatory body set a target to increase the country’s oil and condensates production to 2.6 mbl/d by 2026 with a production target of 1.8 mbl/d in 2024. 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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