Nigeria assures investors of seamless entry into 2024 oil bid licensing round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has pledged the country’s commitment to eliminating all entrance barriers for potential investors.

Gbenga Komolafe, Commission Chief Executive of NUPRC, announced Nigeria’s commitment to facilitating investor participation in the 2024 oil bid licensing phase during the Offshore Technology Conference (OTC) in Houston.

He promised potential investors of a smooth entry, highlighting the government’s mission to remove barriers and provide strong incentives for newcomers. With 12 oil blocks available, the goal is to increase oil production and reserves, attract foreign direct investment (FDI), and increase local content capability.

Minister of State for Petroleum Resources, Heineken Lokpobiri, echoed the sentiment, emphasizing the continued relevance of oil and gas.

He urged investors to seize the opportunity, emphasizing the pivotal role of oil and gas investment in Nigeria’s economic recovery.

The minister disagreed with the notion that oil could become irrelevant, highlighting the historic persistence of fossil fuels as an energy source. He reaffirmed that the swift extraction of Nigeria’s oil resources was vital for economic prosperity.

Chairman of PETAN, Wole Ogunsanya, emphasized the importance of sustainable energy in Africa’s development, commending Nigeria’s efforts to promote its oil and gas potential at the OTC.

He lauded the support of NUPRC and other stakeholders in facilitating Nigerian companies’ participation in the exhibition. Ogunsanya underscored the significance of energy transition discussions in building a sustainable oil and gas industry across Africa.

About 25 Nigerian companies are participating at the PETAN oil and gas exhibition at the ongoing 2024 OTC, showcasing Nigeria’s commitment to advancing its energy sector on the global stage.