The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Commission Chief Executive (CCE), Gbenga Komolafe, an engineer, has reiterated the vast opportunities inherent in the 2024 oil licensing round, saying it offers investors a significant opportunity to contribute to and benefit from Nigeria’s long-term energy growth.
These opportunities, he noted, are hinged on a combination of robust natural resources, competitive regulatory framework and strategic incentives already put in place by the government, which is said has created a favourable environment for investors.
Besides, he added that the country’s commitment to ensuring transparency, social inclusion, and sustainable development further signals a new era of certainty in the nation’s oil and gas industry.
Komolafe, while addressing participants at the just concluded Africa Oil Week (AOW) Conference which ended in Cape Town, South Africa, at the weekend, informed that the licensing round features more than 31 oil blocks and is supported by a strong regulatory framework under the Petroleum Industry Act (PIA).
“Nigeria boasts vast untapped potential, including 209.26 trillion cubic feet (TCF) of natural gas reserves, 37.5 billion barrels of crude oil reserves and an oil production capacity of 2.4 million barrels per day (bopd),’ he said.
