Overview
On May 13, 2024, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the commencement of the 2024 Nigeria Petroleum Licensing Round. The round covers seven new oil blocks alongside seventeen blocks from the resumption of the 2022/2023 Mini Bid Round. The entire process is scheduled to run for nine months, ending in January 2025.
The bidding process is governed by the Petroleum Industry Act 2021, the Petroleum Licensing Round Regulations 2022, and the Nigeria 2024 Licensing Round Guidelines. Prospective bidders must meet stringent financial, technical, legal, and health, safety and environmental requirements. Key deadlines include the physical submission of pre-qualification documents by November 29, 2024, and the final bid submission in early December 2024.
This insight provides a detailed guide to the bidding procedure, the legal and regulatory framework, and the criteria for pre-qualification. It also outlines the contractual requirements for successful bidders, including the Joint Operating Agreement and Shareholders Agreement.
