On May 13, 2024, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the commencement of the 2024 Nigeria Petroleum Licensing Round and the resumption of the 2022/ 2023 Mini Bid Round. The licensing round invites bids from prospective investors for seven oil blocks: PPL-269,  PPL-270,  PPL-271,  PPL-300-CS,  PPL-301-CS,  PPL-2000,  and PPL-2001.

In addition to these 7 blocks, they included seventeen oil blocks (from the 2022 mini-bid rounds). These blocks include: PPL-2002, PPL-2003, PPL-2004, PPL-2005, PPL-2006, PPL-2007, PPL-2008, PPL-2009, PPL-3007, PPL-3010, PPL-3011, PPL-3012, PPL-3013, PPL-3014, PPL-3015, PPL- 3016, PPL-3017. The bidding process commenced on May 10, 2024, and is scheduled to conclude within nine (9) months, ending in January 2025.

This Insight provides guidance on the bidding process and examines the legal and compliance considerations for prospective bidders. To provide stakeholders with information about the bid round, this Insight is divided into five major parts. The first part is the introductory part of the Insight. The second part clarifies the import of the 2024 licensing round and provides clarity on the licensing round timeline of events. The third part highlights the documentation and processes involved in the stages of the bidding process. The fourth part clarifies the legal and regulatory requirements for the bidding process. The fifth and final part is the concluding aspect of the paper.