NIGERIA’S 2024 OIL BID ROUND SEES INTERNATIONAL MAJORS EXIT, TOTALENERGIES SOLE EXCEPTION
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GREATRIBUNETVNEWS–International oil companies, except TotalEnergies, skipped Nigeria’s 2024 bid round, marking a significant shift in their investment priorities. This move signals their commitment to exiting fossil fuels. Historically, these companies have been at the forefront of bidding for oil blocks, especially in the deepwater province.
The Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P) lost out on all its bids, including three deep offshore assets – PPL 303, PPL 305, and PPL 306. However, NNPC E&P is listed as a reserved bidder for these assets.
The winners of the bid round were announced by the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe. Some of the successful bidders include:
– _SIFAX & RoyalGate Consortium_: PPL 300-DO
– _OceanGate Engineering Oil and Gas Ltd_: PPL 302-DO and PPL 3007
– _Homeland Integrated_: PPL 304-DO
– _Hakilat Oil & Gas Consortium Ltd_: PPL 305-DO
– _BISWAL Oil & Gas Ltd_: PPL 306-DO
– _MRS Oil & Gas_: PPL 303-DO
– _TotalEnergies E&P_: PPL 2000/2001
Komolafe announced that another oil licensing bid round would take place in 2025, focusing on unexplored assets and discovered and undeveloped fields. The NUPRC has made licensing rounds an annual exercise to boost oil production.
