The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Tuesday, May 7, announced the commencement of the 2024 Licensing Round at the on-going Offshore Technology Conference in Houston, Texas.

At the event, the Commission Chief Executive (CCE), Engr. 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.

He explained that the Licensing Round offers selected blocks spanning diverse geological formations with great potential for economic growth and energy security for shared prosperity. He also pointed to the regulatory framework anchored by the Petroleum Industry Act 2021 aimed at entrenching fairness and transparency, thereby fostering confidence among investors.

The CCE pointed out that Nigeria’s approach aligns with global energy sustainability goals, as he emphasized environmental, social and governance considerations.

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.

Engr. Komolafe explained that 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.”

In addition, the CCE stated that the Licensing Round, which is expected to last about nine months, presents an opportunity to reinforce Nigeria’s commitment to openness and transparency in line with the principles of the Extractive Industry Transparency Initiative (EITI), thus inviting global participation for stakeholders to explore opportunities for economic returns, technological exchange and capacity building.

He concluded with a call for collaboration, emphasizing Nigeria’s commitment to a resilient and sustainable energy industry.