By The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reiterated that the 2024 oil licensing round was executed with fairness, transparency, and inclusivity, countering any claims of impropriety.
Speaking at a media briefing, Bashiru Indabawa, Chairman of the 2024 Bid Round Committee and NUPRC Executive Commissioner for Exploration and Acreage Management, stated, “The bid round was conducted transparently in line with the Petroleum Industry Act (PIA) and globally accepted standards.”
Key Highlights:
The round attracted strong interest from both international and local firms, including Sifax & Royalgate Consortium, Ocean Gate Engineering Oil, and MRS Oil and Gas Limited.
25 winners emerged through a merit-based selection.
The process featured:
Reduced signature bonuses
Enhanced local content requirements
Digitally enabled commercial bid submissions and evaluations
Oversight from bodies such as NEITI, civil society, and the media
Commitment to Global Best Practices
Indabawa emphasized strict compliance with Extractive Industry Transparency Initiative (EITI) principles. “We adopted a seamless digital approach for bid submissions and evaluations, ensuring transparency at every level,” he said.
He further explained that public hearings were held at various stages of the licensing process, offering a platform for stakeholder engagement. “Their involvement wasn’t limited to the final stages. They were instrumental from the start, helping shape the regulatory framework and guiding the process.”
Regulatory Integrity and Investor Confidence
The NUPRC maintained that the rigorous, consultative approach enhanced investor confidence and demonstrated Nigeria’s readiness to compete on the global oil stage.
Indabawa concluded with a warning against unsubstantiated allegations, saying, “Such claims only serve to undermine real progress in the sector and contribute to misinformation.”
