…Flags-off 2024 block licensing round
From Adewale Sanyaolu,Houston Texas
The Federal Government, yesterday, announced an end to the renewal of all non- operating oil licenses.
Minister of State, Petroleum Resources (Oil), Mr. Heineken Lokpobiri, stated this on the sidelines of the Offshore Technology Conference(OTC) in Houston,Texas.
The event was organised by the Petroleum Technology Association of Nigeria (PETAN) with the theme “Unveiling Nigeria’s Energy Develooment Strategies:2024 Licensing Rounds.
The Minister lamented that since he assumed office he has constantly received requests for renewal of non-operating licenses. Going forward, the Minister said such request would no longer be granted.
He said it remained worrisome that some investors after several years of holding licenses have been unable to bring such fields to development.
He disclosed that such practice was robbing the country of the needed revenue and jobs required to develop the industry.
He noted that of the upstream sector of the oil industry doesn’t develop,there was no way the midstream and downstream sectors will develop.
On the 2024 oil bid licensing round, he reiterated that the exercise was not for unserious investors but only for the ‘big boys’ who have deep pockets and have the technical know-how
“As we flag-off the 2024 oil bid licensing round today, let me warn ahead that this exercise is not for politicians but serious investors who are ready to develop the nation’s hydrocarbon resources.
If any prospective investor breaches any of the conditions,Government will do what it has to do,” he warned.
In his remarks, the Commission Chief Executive,Nigerian Upstream Petroleum Regulatory Commission(NUPRC),Mr.Gbenga Komolafe,said the 2024 block licensing round is not merely a transactional opportunity but a testament to Nigeria’s commitment to advancing a resilient and sustainable Industry.
‘’As we stand at the threshold of history in our energy sector, let us collaborate to harness the opportunities that promise not only to meet the immediate needs of our growing economies but also to secure a sustainable future for the next generations for shared prosperity”
Komolafe said the guidelines for participation are structured to ensure fairness and strategic partnership, fostering not just economic returns but also technological exchange and capacity building.