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
-
Big Push probe: Presidential staffer challenges Fourth Estate’s report on Valerie Sawyerr committee
11 minutes -
Lebanon parliament votes to abolish death penalty
31 minutes -
Ghana, Burkina Faso sign defence pact to secure cross-border trade corridors
49 minutes -
The rise of AI in the classroom: Balancing technological innovation with critical thinking
59 minutes -
Five arrested over alleged MoMo robbery syndicate in Upper West
1 hour -
UEW journalism students call for practical media studio
1 hour -
Why these 2 cases? – Atta Akyea questions Chief Justice’s expedited trial order
1 hour -
Beyond certification: How Bawaa the artist is helping young creatives turn talent into opportunity
1 hour -
The Law 101: Vacation warrants and the role of the CJ (Part IV)
2 hours -
The Law 101: GBA states pure law and convention about Legal Vacation (Part III)
2 hours -
Pray – THE LAW 101: The Vacation Roster dilemma and the reality of Court Recess (Part II)
2 hours -
Trump hid in catering truck in secret plane swap over Iran threat, reports say
2 hours -
Inside the Secret Service ‘shell game’ to hide US presidents in plain sight
2 hours -
GEA seeks Gender Ministry’s support for Female Future Programme
2 hours -
Driver beaten to death over misunderstanding at Gomoa Achiase
2 hours