The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has addressed concerns over the award of oil blocks in the 2024 Licensing Bid Round, particularly regarding Panout Oil & Gas, an eight-day-old company that won oil blocks. The NUPRC clarified that the process was transparent and compliant with regulations.
NUPRC Chief Executive Gbenga Komolafe stated, “The bid guidelines do not restrict participation based on the age of a company’s incorporation.” Instead, the commission assessed bidders’ technical expertise, financial strength, and legal compliance.
“The pre-qualification window was open with no restrictions on company age,” Komolafe emphasised. The commercial bidding phase was conducted digitally using encrypted technology, ensuring data integrity and confidentiality.
The NUPRC highlighted that indigenous oil companies participated aggressively and outbid some national and international players, reflecting strong investor confidence following the enactment of the Petroleum Industry Act (PIA) 2021.
The commission maintained that the process adhered to statutory provisions and guidelines, with no discrimination or corrupt practices involved. “The NUPRC remains committed to transparent regulation aimed at optimising Nigeria’s hydrocarbon resources and attracting investment,” the statement concluded.
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