Oil bid round: FG assures conducive investment environment for investors
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has pledged the country’s commitment to break all entry barriers for would-be investors.
The Commission Chief Executive, NUPRC, Mr Gbenga Komolafe gave the assurance during the opening of the Nigerian Pavilion at the Offshore Technology Conference (OTC) on Monday in Houston, U.S.
Komolafe said this was as it is committed to giving robust incentives to new entrants, following the beginning of the 2024 oil bid licensing round.
He added that in line with the mandate of President Bola Tinubu, investors wishing to bid for assets in the 2024 licensing round were assured of seamless entry and had nothing to worry about barriers.
According to him, it is heartwarming to note that Nigeria’s licensing round is coming at the same time Guyana is holding same.
Komolafe said that the offer by Nigeria as an investment destination of choice creates an opportunity for them to make the right choice.
He said that there were 12 oil blocks up for grabs in the 2024 oil bid licensing round.
He noted that the aim of the 2024 oil licensing round is to grow the country’s depleting oil production numbers and oil reserves.
He stressed that the oil bid round would further support the Federal Government’s effort targeted at boosting Foreign Direct Investment(FDI).
According to him, another gain associated with the bid round is an opportunity for the country to grow its local content capacity.
The NUPRC boss said the 2024 OTC is an opportunity for the country to market its oil and gas potential to the global community.
Earlier in his remarks, the Minister of State for Petroleum Resources, Mr Heineken Lokpobiri, assured investors that oil would remain relevant for a long time.
He disagreed that oil could remain irrelevant, urging investors to take advantage of the oil bid round to make investment.
“Historically, no source of energy goes away. So do not be deceived that fossil fuel will go away.
“Talks at the recent global conferences have further proved that fossil fuel will continue to remain, the quicker we extract our oil, the better for us as a country,” Lokpobiri said.
He reaffirmed that the quickest way towards economic recovery for Nigeria was through oil and gas investment.
The minister said the country’s huge oil and gas deposits would mean nothing if they remained on the ground and were not explored.
In his remarks, Chairman, Petroleum Technology Association Nigeria (PETAN), Mr Wole Ogunsanya, said the OTC continued to discuss building a sustainable oil and gas industry across Africa in light of the energy transition.
Ogunsanya commended the minister for honouring the association in declaring the Nigerian pavilion opened.
He also lauded the support of NUPRC and other stakeholders towards supporting Nigerian companies at the 2024 OTC exhibition ground.
He said, “The fact is that Africa requires sustainable energy sources to meet the growing needs of all sectors of its economy and the energy transition is a crucial enabler of sustainable development.”
Recall that about 25 Nigerian companies are participating at the PETAN oil and gas exhibition at the ongoing 2024 OTC.
