TotalEnergies Exploration & Production (E&P) Nigeria, Sahara Deepwater Resources Limited and 15 other oil and gas companies have emerged winners in the 2024 oil bid round conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
 
The bid round, which sought to allocate lucrative oil exploration and production licences in Nigeria’s offshore and onshore basins, attracted interest from a good number of players.  
 
The winners emerged at the 2024 Licensing Round Commercial Bid Conference, yesterday, in Lagos. SIFAX &RoyalGate Consortium won PPL 300-DO; OceanGate Engineering Oil and Gas Limited won PPL 302-DO and PPL 3007; Homeland Integrated won PPL 304-DO; Hakilat Oil & Gas Consortium Limited defeated NNPC E&P to clinch PPL 305-DO; BISWAL Oil & Gas Limited also beat NNPC E&P to PPL 306-DO.
 
After a tie, MRS Oil & Gas later defeated NNPC E&P to win PPL 303-DO. Similarly, Petroli Energy Marketing and Supply Limited got PPL 269; Sahara Deepwater Resources Ltd won both PPL 270 and PPL 271; Panout Oil & Gas beat TotalEnergies and three other bidders to secure PPL 300/301 CS. Panout also claimed PPL 3015.
 
TotalEnergies E&P also won PPL 2000/2001. As sole bidders, BISWAL won PPL 2002; First E&P has PPL 2003 and PPL 2006; Deywayles International Limited secured PPL 2004; Applefield Oil & Gas got PPL 2005; R28 Holdings Limited won PPL 2007 and PPL 3011; Tulcan Energy E&P won PPL 2008 and 3012; Broron Energy secured PPL 2009; Hakilat Oil & Gas claimed PPL 3016; and Applefield Oil & Gas won PPL 3017.
 
Chief Executive of NUPRC, Gbenga Komolafe, announced that there would be another bid round in 2025.
 
As the commission moves towards the end of the 2024 licensing round, he mentioned that it decided to make licensing rounds a yearly exercise to boost oil production.
 
According to Komolafe, the 2025 exercise will focus on unexplored assets, noting that as everyone is proud of their recent achievements as industry stakeholders, they must remain mindful of the challenges ahead. 
 
He emphasised that declined production levels and failed global competition demand strategic action as the Petroleum Industry Act (PIA) provided a unique opportunity to transform the industry, attract investment and position the country at the forefront.
  
“To this end, I am pleased to announce that the NUPRC will launch another licensing round in the year 2025. Building on the lessons learned from this year’s round, the 2025 exercise will focus on discovered and undeveloped fields, fallow assets and prioritise natural gas development to support Nigeria’s commitment to the United Nations Sustainable Development Goals,” he announced.
 
The regulator’s commitment, he added, has been to restore investors’ confidence in the industry, saying this it has done diligently by ensuring that its activities are in alignment with the provisions of the PIA.