Nigeria’s Upstream Petroleum Regulatory Commission (NUPRC) announced plans to auction undeveloped oil and gas blocks next year.
This move is part of the country’s broader strategy to boost oil production and align with UN Sustainable Development Goals, with a particular focus on natural gas development.
The upcoming auction will be the third since the implementation of the Petroleum Industry Act (PIA) of 2021. The PIA aims to modernize Nigeria’s oil and gas sector and attract foreign investment.
Gb enga Komolafe, head of the NUPRC, emphasized that the licensing round is not merely a commercial endeavor but a strategic step towards Nigeria’s economic growth and energy security.
The NUPRC also confirmed the completion of a previous bidding round for offshore oil blocks, with successful bidders set to receive licenses in the coming months.
