NUPRC Announces Winners Of 2022/2023 Oil Mini-Bid Round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the winners of the 2022/2023 oil mini-bid round.

Sifax and Royalgate Consortium, as well as Oceangate Engineering Oil and Gas Limited, emerged as the successful bidders in this process. Sifax and Royalgate Consortium secured the bid for PPL 300-DO, while Oceangate Engineering Oil and Gas Limited claimed PPL 302-DO. Both companies were the sole bidders in their respective categories.

For PPL 303-DO, MRS Oil and Gas Company Limited and NNPC Exploration and Production Limited qualified as bidders, leading to a tie. According to the NUPRC, a tie-breaking process is currently underway in line with the established rules for such situations.

In the PPL 304-DO category, Homeland Integrated Offshore Services Limited outperformed Sifax and Royalgate Consortium to emerge as the winner. Hamilcar Oil and Gas Consortium secured the PPL 305-DO bid, beating NNPC Exploration and Production Limited. Similarly, BISWAL Oil and Gas Limited triumphed in the PPL 306-DO bid, outbidding NNPC Exploration and Production Limited to win the license.

During the 2024 Licensing Round Commercial Bid Conference in Lagos, Gbenga Komolafe, the Chief Executive of NUPRC, revealed plans for a new oil licensing bid round in 2025. He noted that the commission intends to make oil licensing rounds an annual event to enhance oil production and maximize the exploration of Nigeria’s hydrocarbon resources.

Komolafe explained that the 2025 licensing round would focus on unexplored assets, signaling the government’s commitment to opening new investment opportunities in the oil and gas sector.

He emphasized that the 2024 licensing round, now nearing completion, is part of a broader strategy to attract investments, boost production capacity, and increase government revenue from oil resources.

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