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Local Firms, IOCs Compete for Oil Blocks in Nigeria

Nigerian indigenous firms and international oil companies are competing for Nigeria’s twelve onshore and seven deep offshore oil blocks, the Vanguard News reports.

The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Engr Gbenga Komolafe, revealed the interest of potential bidders at the ongoing Offshore Technology Conference OTC 2024 in the United States.

Komolafe stated that the Nigerian government aims to attract investors to the country’s oil sector through its participation at OTC 2024, showcasing the investment opportunities and hydrocarbon potential in Nigeria.

“Our mission at the OTC is to leverage one of the largest oil and gas events globally to showcase the huge hydrocarbon potentials and investment opportunities in Nigeria and, in a similar manner, canvass the participation of financially and technically capable players in the deep offshore to participate at the Nigerian 2024 licensing round for overwhelming success of the important exercise.’

Recall that the Nigeria government announced two Petroleum Prospecting Leases, PPLs including 300, 301, 3008, 3009, 2000, 2001, 267, 268, 269, 270, 271 and Petroleum Mining Lease, PML 51, while the Deep Offshore Blocks, PPLs are 300, 301, 302, 303, 304, 305 and 306.

The government had announced twelve Petroleum Prospecting Leases PPLs and seven Deep Offshore Blocks, encouraging financially and technically capable players to participate in Nigeria’s 2024 licensing round.

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