The Federal Government through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has formally announced the commencement of the 2024 Petroleum Licensing Round.

According to a statement issued on Monday signed by the Chief Executive Officer of NUPRC, Gbenga Komolafe, the goal of the exercise is to harness innovative exploration techniques and foster partnerships that will enhance NUPRC’s production capacities and ensure environmental substantiality.

The statement read in part: On behalf of the Federal Government of Nigeria, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is pleased to announce the commencement of the 2024 Petroleum Licensing Round.

This Licensing Round marks a significant milestone in our commitment to fostering sustainable growth and innovation within the energy sector while providing economic opportunities for investment to spur new exploration, and development activities within our Petroleum landscape.

“The 2024 Licensing Round represents an opportunity for both domestic and international stakeholders to engage in the exploration and development of Nigeria’s hydrocarbon resources.

“Central to this, is the availability of high-quality geological and geophysical data. The National Data Repository (NDR) of NUPRC, in collaboration with multi-client partners, is committed to providing actions to robust datanets to prospective bidders to enhance their decision-making We have identified 12 fields that cut across deep offshore, shallow water and onshore terrains to be made available to interested investors

“Our goal for this licensing round is to harness innovative exploration techniques and foster partnership that will enhance our production capacities and ensure environmental substantiality.

“We anticipate that this Initiative will not only expand our operations but also significantly contribute to the global energy supply, aligning with international energy security goals.”

(New Telegraph)

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