NUPRC Oversees Concession of Deepwater Oil Blocks in Nigeria
The NUPRC oversaw the concession of the first deepwater oil blocks under the 2024 licensing round, marking a significant milestone in Nigeria's oil sector. The deal, supervised by NUPRC, involved the execution of Production Sharing Contracts for two offshore oil blocks by NNPC Consortium.
This move aligns with NNPC's target of achieving 3 million barrels per day production and a $60 billion investment by 2030. The concession process, following a transparent bid, was facilitated by President Bola Tinubu's initiatives to enhance fiscal incentives, local content, and operational efficiency in the industry.
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