Audio By Carbonatix
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".
Latest Stories
-
Phoenix Insurance donates computers to Korle Bu Teaching Hospital, calls for greater support for healthcare
5 minutes -
Seventeen months on, Mahama’s pledge to end Accra floods runs dry
35 minutes -
AWLA-Ghana holds consultative forum to shape National Family Law and Justice Conference
47 minutes -
Nigerian youths: Stop facebooking and face the book
50 minutes -
Leadership, Accountability, and the KATH CEO suspension: Reflections on Ghana’s healthcare governance
59 minutes -
Government repatriates 327 stranded Ghanaians from Côte d’Ivoire
1 hour -
World Cup qualification will deliver significant economic benefits to Ghana
1 hour -
ASEC urges major reforms after Akosombo Substation fire investigation
2 hours -
NDC achieved democratic objective with presidential term limit—Majority Leader
2 hours -
From Humble Beginnings to Public Service and the Global Stage: The journey of Emmanuel Kwame Agyemang
2 hours -
Bank of Africa partners schools nationwide for tree planting, promotes financial inclusion through education
2 hours -
Inflation could be coming down due to expected harvest season – Government Statistician
2 hours -
Croatia World Cup 2026 team guide
2 hours -
England World Cup 2026 team guide
2 hours -
The Law 101 – Plea Deals: Justice made swifter and surer
2 hours