The federal government has launched a new oil and gas licensing round, inviting bids for as many as 12 onshore and offshore blocks and promising transparency in the bidding process.
At the ongoing Offshore Technology Conference (OTC) in Houston, Texas, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the start of the 2024 Licensing Round.
This is expected to be a test case for the Commission in its avowed transparency claim.
During his speech at OTC to announce the bidding round, the commission’s chief executive Gbenga Komolafe “reiterated Nigeria’s commitment to advancing its oil and gas sector and highlighted incentives by President Bola Ahmed Tinubu’s leadership aimed at attracting the attention and involvement of international investors,” NUPRC said in a statement on Wednesday.
ALSO READS:
- Nigerians participation in oil industry now 56 per cent
- Axxela connects Jubaili Bros, Lagos Marriott Hotel, others to its natural gas network
- Egbin Power, House Committee collaborate to improve performance
- Sanwo-Olu inaugurates State Electricity Regulatory Commission, rolls out mandate
- At current tariff, Nigeria subsidizes electricity consumption with N200bn monthly
While acknowledging the changing dynamics of the energy landscape, the CCE observed that Nigeria has adopted a pragmatic approach, ensuring competitive entry fees and commercial viability for investment,” the commission added.
Nigeria has been seeking in recent months to address these concerns and Komolafe said in Houston that this year’s licensing round is “expected to be a huge success for Nigeria and is a big step towards growing the nation’s oil and gas reserves through aggressive exploration and development efforts, boosting production, expanding opportunities for gas utilization.”
Nigeria, aims to boost its crude oil production in the coming months and years.
The country’s oil production has started to recover in recent months and hit in February it’s highest level in more than three years amid a concerted effort to crack down on targeted attacks and organized theft rings.
