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Nigerian govt opens bid for 17 new oil blocks

Published

6 months ago

June 19, 2024

The Nigerian government has declared that 17 deep offshore oil blocks would be included in the 2024 Nigerian Oil Fields Licensing Round.

This was revealed at the pre-bid conference for the 2024 licencing round in Lagos by Gbenga Komolafe, the chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission.

In a statement he signed and released in Abuja on Tuesday, Komolafe provided updates on the 2022/2023 and 2024 licencing rounds, stating that 17 deep offshore blocks had been added to the 2024 Licensing Round.

He said, “In pursuit of the commission’s commitment to derive value from the country’s abundant oil and gas reserves and increase production, the commission has been working assiduously with multi-client companies to undertake more exploratory activities to acquire more data to foster and encourage further investment in the Nigerian upstream sector.

“As a result of additional data acquired in respect of deep offshore blocks, the commission has added 17 deep offshore blocks to the 2024 Licensing Round. Further details on the blocks can be found on the bid portal.”

He further revealed that “by the published guidelines, we had earlier indicated that some of the assets on offer should be applied for as clusters, namely: PPL 300-CS & PPL 301-CS, PPL 2000 and PPL 2001. Bidders are hereby advised that they may, at their option, bid for those blocks as clusters or as single units.”

Several deep offshore blocks were recently offered for the 2022–2023 mini-bid round, and the Nigeria 2024 Licencing Round also included offers for other blocks that cut between onshore, continental shelf, and deep offshore terrains.

In the 2024 marginal fields bid round, the government specifically requested investors to submit bids for 12 oil blocks and seven deep offshore assets on May 8. It was also announced on June 12, 2024, that the Federal government has raised the number of oil blocks for grabs in the 2024 marginal bid round.

The head of NUPRC added that the schedule for the 2024 Licencing Round has been adjusted to enable interested investors to take advantage of the increased chances.

He said, “Registration/submission of pre-qualification documents which was initially scheduled to close on June 25, 2024, has been extended by 10 days and will now close on July 5, 2024.

“Data access/data purchase/evaluation/bid preparation and submission which was initially scheduled to open on July 4, 2024, and close on 29/11/24 will now start on July 8, 2024, and close on 29/11/24 as previously scheduled.

“All other dates in the published 2024 licencing round schedule remain the same unless otherwise communicated.”

The current government intends to increase Nigeria’s oil production to 2.6 million barrels per day by the year 2027. Only 1.5 million barrels per day is the nation’s current Opec+ objective.

Nigeria began an international roadshow for the new licensing cycle in the United States on May 7 in Houston, Texas, with a stop in Miami, Florida on May 14.

Related Topics:Featured Nigeria Oil blocs

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Nigeria’s Dangote Refinery exports first fuel to Cameroon

Published

17 hours ago

December 12, 2024

Ifeoluwa Dada

The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

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Egypt’s November inflation drops to 25.5%, near 2-year low

Published

2 days ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.