In a significant shift from previous practices, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has established a nine-month timeline for the 2024 oil block licensing round. NUPRC’s Chief Executive, Mr. Gbenga Komolafe, emphasized that the streamlined timeline is designed to align with investors’ financial and technical projections, mitigating the frustrations of past delays.
Mr. Komolafe outlined that the guidelines for the 2024 licensing round are structured to ensure fairness and foster strategic partnerships, aiming for both economic returns and technological exchange. The licensing round also aligns with global energy sustainability goals, incorporating strategies to meet net zero carbon emission targets and eliminate gas flaring, while considering environmental, social, and governance (ESG) factors.
Komolafe assured that the licensing round is expected to significantly benefit all stakeholders, contributing to long-term global energy sufficiency. He highlighted that fossil fuels will remain a crucial part of the global energy mix beyond 2050, despite the ongoing energy transition.
The initiative is seen as a crucial step in growing Nigeria’s oil and gas reserves through aggressive exploration, boosting production, and expanding gas utilization. Additionally, it aims to enhance energy security, create employment opportunities, facilitate technology transfer, and attract substantial investments.
Source: The Sun