There is an ongoing push recommending good corporate governance structure among indigenous oil companies to give them better opportunities to participate successfully in the 2024 oil bid round.

The Federal Government has initiated preliminary steps for the 2024 petroleum licensing round through its upstream oil and gas industry regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The Commission recently announced the commencement of the Licensing Round, which is intended to bolster the country’s oil production and revenue.
The Licensing Round, offering over 12 selected blocs across diverse geological formations, is expected to attract significant interest from domestic investors and international oil companies (IOCs) and following the calendar of events, is projected to last till January 2025.

At a pre-bid conference in Lagos, Commission Chief Executive of the NUPRC, Gbenga Komolafe, was emphatic that prospective licence winners must be genuine investors who are ready to invest and operate oil blocs won within a limited timeframe to be specified by the commission.
This recent move was a strategic effort to stimulate investment in the sector.