Nigeria will auction undeveloped oil and gas blocks next year, emphasizing natural gas development to advance its UN sustainability goals.
The announcement, made by the Nigerian Upstream Petroleum Regulatory Commission on Wednesday, underscores the nation’s commitment to energy-driven progress.
This marks the third such auction since the passing of Nigeria’s sweeping oil reform law in 2021, aimed at revitalizing the sector.
The reform is central to boosting oil production, a critical revenue source for funding national projects and government spending initiatives.
“This licensing round is more than a commercial exercise; it’s a bold declaration that Nigeria is ready for business,” said Gbenga Komolafe.
Komolafe, who heads the regulatory commission, spoke during a bid conference in Lagos, highlighting Nigeria’s proactive stance in the energy market.
He added that the recent bidding round for offshore oil blocks, initiated in February, has reached completion with promising outcomes.
Successful bidders from the previous round will receive licenses within months, signaling a steady pace in Nigeria’s upstream development strategy.
As Nigeria balances energy development with environmental responsibility, this auction reflects its resolve to harness natural gas for sustainable growth.