The Federal Government has announced its intention to initiate a new round of oil licensing in 2024, aiming to attract fresh investors and bolster investments, with the ultimate goal of elevating Nigeria’s oil reserves to about 40 billion barrels from the current 37 billion barrels.
Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), confirmed this initiative in a policy statement released on Saturday. Komolafe highlighted that this forthcoming licensing round is in accordance with Section 73 of the Petroleum Industry Act (PIA), a comprehensive legislation designed to foster increased investments, reform, transparency, and accountability within the industry.
He emphasized that this strategic move aligns with Nigeria’s objectives, particularly in generating revenue and attracting new investments for exploration and developmental purposes.
“The Commission shall, beginning 2024, conduct all future licensing rounds based on a Licensing Round Plan and modern acreage licensing practices, to include the periodicity of licensing based on the predictability of timelines and long-term national economic and developmental agenda,” he stated.
