$3 Billion Investment Target: FG Seeks Partners For Nigerian Oil & Gas Boom

• FG Seeks Partners For Nigerian Oil & Gas Boom.

• Gbenga Komolafe of NUPRC highlights technical and financial prerequisites for block acquisition.

• $3 billion investment earmarked for Nigerian Gas Flare Commercialisation Programme.

EKO HOT BLOG reports that the Federal Government has initiated the 2024 oil bid round, offering 12 oil blocks along with seven deep offshore blocks carried over from last year’s bid round. Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), disclosed this during his presentation at the inaugural NEITI House Dialogue in Abuja on Monday.

Komolafe stated that the bidding process is slated to conclude by January of the following year.

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He outlined the new green field oil blocks available for bidding, comprising six acreages situated on the continental shelf, four deep offshore blocks, and two onshore blocks within the Niger Delta region.

Highlighting the prerequisites for block acquisition, Komolafe emphasized the importance of technical proficiency, financial capability, and project viability.

Moreover, the NUPRC head revealed the Federal Government’s objective to infuse a capital investment of $3 billion into projects under the Nigerian Gas Flare Commercialisation Programme (NGFCP), aiming to generate 300,000 employment opportunities.

He elaborated on the potential economic and social advantages of the flare gas commercialisation programme, including providing clean energy access to six million households through LPG, eliminating 20 million tons of carbon dioxide emissions annually, unlocking 600,000 metric tons of LPG per year, and generating 2.5 gigawatts of power from new and existing Independent Power Producers (IPPs).

Gas Boom

Komolafe explained that the Commission has put in place regulations to create a conducive investment environment by ensuring regulatory certainty, vacating entry barriers and promoting global competitiveness.

He said: “The licencing round that we are putting in place is designed to enhance the quality data set and it is going to be conducted in a fair, and competitive bidding process in a non-discriminating manner”.

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Komolafe also disclosed that the Commission generated N4.344 trillion in revenues in 2023, a rise of 15 per cent from N3.78 trillion generated in 2022.

He also said that Nigeria’s production output, both crude oil and condensates stood at 1,532,530 barrels per day as of 25th April 2024.

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