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
-
Ghana, South Korea affirm shared values during bilateral talks
1 minute -
Dawa Free Zone and GATAC partner to expand diaspora investment opportunities
6 minutes -
Today’s Front pages: Thursday, March 12, 2026
8 minutes -
Ghanaian community in Togo marks 69th independence anniversary
16 minutes -
PETROSOL 2026 Women in Leadership Conference champions female empowerment
34 minutes -
ICU-Ghana honoured at Ghana Development Awards for promoting labour rights
40 minutes -
NYA CEO Osman Ayariga urges youth to build legacies, not just influence
54 minutes -
NYA CEO Osman Ayariga urges youth to think beyond the present at iYES 2026 Summit
1 hour -
Walewale MP calls for probe into alleged irregularities in Auditor-General’s arrears report
1 hour -
Ablakwa’s ISIS strike disclosure puts Ghana at risk – Asafo-Adjei Ayeh
1 hour -
Hudai Foundation, TİKA host Iftar for 1000 orphans at Ghana National Mosque
1 hour -
Ghana hosts IPCC meeting on people-centered climate adaptation
1 hour -
Spiritualist arrested over suspected murder of woman in Awutu Senya
1 hour -
NYA partners iYES 2026 to inspire youth towards transgenerational impact
1 hour -
NYA CEO Osman Ayariga appeals to Wode Maya to champion ‘Red Means Stop’ campaign
1 hour