The Federal Government has offered 12 oil blocks and five deep offshore assets for sale.
Chief Executive, Nigerian Upstream Regulatory Commission, Gbenga Komolafe, disclosed the offer to global oil sector investors at the ongoing 2024 Offshore Technology Conference in Houston, United States.
Speaking at the African Oil Industry Opportunities Session, he stated that Nigeria has 37.5 billion barrels of crude oil and condensate reserves and 209.26 trillion cubic feet of natural gas reserves, which represents above 30 per cent and 33 per cent respectively of the entire oil and gas reserves in Africa, apart from an abundant mix of other renewable energy resources.
He said this round introduces 12 meticulously selected blocks across diverse geological spectra — from the fertile onshore basins to the promising continental shelves and the untapped depths of our deep offshore territories, adding that each block had been chosen for its potential to bolster the country’s reserves and stimulate economic vitality.
The commission further stated that the 2024 oil fields’ bid round for the 12 oil blocks and five deep offshore assets would end by January 2025.
