Nigeria will auction undeveloped oil and gas blocks next year, prioritising natural gas development to support the country's commitment to UN Sustainable Development Goals, the oil regulator said on Wednesday.
This would be the third auction of blocks since the country passed an expansive oil overhaul law in 2021, part of efforts to ramp up oil production to fund government spending.
"The licensing round is more than a commercial exercise, it is a bold declaration that Nigeria is ready for business," Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission, said during a bid conference in Lagos.
Komolafe said a round of bidding that Nigeria opened in February for new offshore oil blocks has been completed and that successful bidders would receive licences for their blocks "within a few months".
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Today’s front pages: Thursday, December 19, 2024
48 seconds -
ORAL: Not all corruption cases fall under the Special Prosecutor – Domelevo
22 minutes -
Two dead and 65 cases of malnutrition recorded in Bawku for 2024
35 minutes -
NDC’s control of major media houses gave them edge in 2024 polls, says Bawumia
40 minutes -
49th SWAG Awards: High jump Queen Rose Yeboah and Grace Mintah lead nominees for topmost award
54 minutes -
ORAL: ‘National Cathedral spending is an ‘expensive pit of deceit’ – Ablakwa
1 hour -
Our people didn’t vote – Bawumia explains why the NPP lost
1 hour -
Dr Bawumia had no choice given Mahama’s decisive victory – Malik Basintale
1 hour -
ORAL: ‘Clergy were misled by Akufo-Addo’ – Ablakwa on National Cathedral scandal
1 hour -
‘It is false’- PMMC refutes claims of politicians smuggling gold from Ghana
2 hours -
2 million NPP supporters did not turn up to vote – Kabiru Mahama
2 hours -
IPR Ghana congratulates citizens for peaceful election, calls for unity
2 hours -
Bawumia’s 8 minutes elite ball that zapped the energy of trigger happy politicians
3 hours -
It will be a betrayal if National Cathedral saga does not feature in ORAL’s work – Ablakwa
3 hours -
‘It’s unfortunate we had to protect the public purse from Akufo-Addo’ – Ablakwa on ORAL Team’s mission
4 hours