Nigeria launches 2024 licensing round to boost domestic oil and gas industry

(UI) – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has initiated the 2024 Licensing Round during the Offshore Technology Conference in Houston, Texas.

Engr. Gbenga Komolafe, the Commission Chief Executive, emphasized Nigeria's dedication to advancing its oil and gas sector and attracting international investors through President Bola Ahmed Tinubu's leadership.

The Licensing Round offers exploration blocks with significant economic potential, supported by a regulatory framework focused on fairness and transparency under the Petroleum Industry Act 2021.

Nigeria's approach aligns with global energy sustainability goals, considering environmental, social, and governance factors. The initiative aims to boost oil and gas reserves, production, gas utilization, employment opportunities, technology transfer, and investment attraction.

Engr. Komolafe said the 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 and end-to-end development across the value chain, strengthening energy security and economy, providing an occasion to gainfully engage the pool of competent companies in the oil and gas sector with a multiplier effect in employment opportunities, enabling the transfer of technology, valorizing petroleum assets in the Nigerian territory and attracting investments.”

The nine-month-long Licensing Round promotes openness and transparency, inviting global participation for economic returns and capacity building, in line with the Extractive Industry Transparency Initiative. Collaboration is emphasized to ensure a resilient and sustainable energy industry in Nigeria.