FG Withdraws Five Oil Blocks from 2024 Bid Round Over Legal Disputes

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has withdrawn five oil blocks from the 2024 licensing round due to legal disputes.

The affected blocks are PPL3008, PPL3009, PML51, PPL267, and PPL268, which were among the 12 initially announced by NUPRC Chief Executive Gbenga Komolafe.

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The removal is due to ongoing litigation, and the commission has also added 17 deep offshore oil blocks to the 2024 licensing round. The move is aimed at increasing investment in the Nigerian upstream sector.

The commission has also extended the registration and submission deadline for pre-qualification documents to July 5, 2024. Additionally, President Bola Tinubu has reduced the signature bonus payable by successful bidders from $200m to $10m to encourage investment in the oil sector.