Nigeria to focus on natural gas in ’25

Nigeria will auction undeveloped oil and gas blocks next year, focusing on natural gas development to align with the country’s commitment to the United Nations Sustainable Development Goals (SDGs), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced.

This marks the third licensing round since the enactment of the Petroleum Industry Act in 2021, a sweeping reform aimed at increasing oil production to bolster government revenues.

Gbenga Komolafe, head of the NUPRC, emphasised that the licensing round is more than just a commercial initiative, describing it as “a bold declaration that Nigeria is ready for business” during a bid conference in Lagos.

He added that the bidding process for offshore oil blocks launched in February has concluded, with successful bidders expected to receive their licences “within a few months.”

The initiative underscores Nigeria’s commitment to leveraging its energy resources to drive sustainable development and economic growth.

Attribution: Reuters

Subediting: M. S. Salama