The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the addition of 17 oil blocks to its 2024 oil bid round and the extension of the deadline for the registration and submission of pre-qualification documents to 5 July 2024. The Nigeria 2024 Licencing Round counts with 36 blocks located across onshore Niger Delta, the Continental shelf, and deep offshore. In accordance with the guidelines, some of the blocks must be applied for as clusters, namely blocks PPL 300-CS & PPL 301-CS, PPL 2000 and PPL 2001. The NUPRC also reopened the commercial bid for the 2022/2023 licencing round to allow investors to take advantage of improved fiscal incentives approved by the Nigerian government to foster and encourage further investment in the Nigerian upstream sector.
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.
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