The Federal Authorities mentioned it has concluded plans to conduct a recent spherical of oil licensing in 2024 to draw new traders and improve funding, finally elevating Nigeria’s oil reserves towards 40 billion barrels from the current 37 billion barrels.
The Chief Govt Officer of the Nigerian Upstream Petroleum Regulatory Fee, NUPRC, Gbenga Komolafe, confirmed this in a coverage assertion on Saturday.
In keeping with him, the deliberate licensing spherical aligns with Part 73 of the nation’s Petroleum Trade Act, PIA, a complete laws geared toward attaining elevated funding, restructuring, transparency, and accountability.
He mentioned the train will allow Nigeria to perform set targets, together with producing funds and attracting recent investments in exploration and improvement.
“The Fee shall, starting 2024, conduct all future licensing rounds primarily based on a Licensing Spherical Plan and fashionable acreage licensing practices, to incorporate the periodicity of licensing primarily based on the predictability of timelines and long-term nationwide financial and developmental agenda,” he acknowledged.