Nigeria 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.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the start of the 2024 Licensing Round at the ongoing Offshore Technology Conference (OTC) in Houston, Texas.
During the announcement, NUPRC’s chief executive Gbenga Komolafe emphasised Nigeria’s commitment to advancing its oil and gas sector and highlighted incentives by President Bola Ahmed Tinubu’s leadership aimed at attracting international investors. Noted that Nigeria has adopted a pragmatic approach, ensuring competitive entry fees and commercial viability for investment.
In a statement made available to Africa Health Report on Wednesday, Komolafe expressed optimism about the licensing round, stating, “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, and expanding opportunities for gas utilization.”
The move comes as international majors have reduced their exposure to Nigeria’s energy sector in recent years, citing concerns about transparency in the licensing process, oil theft, and frequent pipeline damages. Nigeria aims to address these concerns and attract international investment through this new licensing round.
