The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that the 2024 oil and gas licensing round was conducted transparently and in full compliance with the Petroleum Industry Act (PIA). Denying any guideline breaches, NUPRC emphasized the process was competitive and technology-driven. CEO Gbenga Komolafe clarified that bidder eligibility was based on technical expertise, financial strength, and legal compliance—not the age of the company. Newly formed entities, including SPVs backed by credible industry players, were allowed to participate based on the track records of their promoters or affiliates.
The 2024 oil licensing round included pre-qualification, technical, and commercial bid evaluations. Applicants submitted financial, technical, and legal documents, with no age restriction on companies. Bidding was digital and encrypted, ensuring data integrity. Results were announced publicly via live broadcasts, with oversight from NEITI and government bodies. Evaluation used a transparent point-based system, factoring in signature bonuses, work programs, and financial commitments.
Indigenous firms actively participated, outbidding some global players, signaling strong investor confidence post-PIA 2021.NUPRC CEO Gbenga Komolafe stated that the 2024 oil block licensing round fully complied with legal guidelines, with no bias or corruption. He reaffirmed the commission’s commitment to transparency, investment attraction, and responsible regulation under President Tinubu’s administration. Komolafe emphasized the need for accurate, fact-based reporting aligned with the Petroleum Industry Act (PIA) 2021.
