The Federal Government said it has concluded plans to
conduct a fresh round of oil licensing in 2024 to attract new investors and
increase investment, ultimately raising Nigeria’s oil reserves toward 40
billion barrels from the present 37 billion barrels.
The Chief Executive Officer of the Nigerian Upstream
Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, confirmed this in a
policy statement on Saturday.
According to him, the planned licensing round aligns with
Section 73 of the nation’s Petroleum Industry Act, PIA, a comprehensive
legislation aimed at achieving increased investment, restructuring,
transparency, and accountability.
He said the exercise will enable Nigeria to accomplish set
objectives, including generating funds and attracting fresh investments in
exploration and development.
“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.
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