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NUPRC: Unlocking investments in Nigeria’s hydrocarbon resources with licencing rounds, By Ifeanyi OnubaThis is Ghana, not a graveyard, By Banji OjewaleSPECIAL REPORT: Enugu community where residents rely on polluted river, deplorable PHCINVESTIGATION: TETFund’s N3.
The Licensing Round offers selected blocks spanning diverse geological formations with great potential for economic growth and energy security for shared prosperity. The regulatory framework, anchored by the Petroleum Industry Act 2021 aimed at entrenching fairness and transparency, thereby fostering confidence among investors.
Aside from the hydrocarbon potentials, Nigeria is blessed with potentials for green and blue hydrogen, solar, wind, biomass and other sources of renewable energy to leverage for the right energy mix in the energy transition regime, as well as critical minerals such as lithium, manganese, copper, graphite and nickel for development of clean energy technologies.
The Commission Chief Executive, Engr Gbenga Komolafe gave credence to this when he said that Nigeria’s approach aligns with global energy sustainability goals, as he emphasised environmental, social, and governance considerations. The 2024 Licencing Round marks another significant milestone in the ongoing development of Nigeria’s upstream petroleum sector.
In line with the objectives of the Licencing Round, a mix of deep offshore, shallow water and onshore blocks will be made available to interested investors. The offering comprises a diverse range of exploration prospects, catering to varying technical and operational preferences. “On the global scale, the Licensing Round will no doubt be beneficial to all stakeholders and will in the long run contribute to long-term global energy sufficiency. Interestingly, the Licensing Round process was formulated in cognisance of global energy sustainability goals.
He said the government would support the NUPRC to succeed in regulating the upstream oil and gas sector as the success will determine what happens to the mid-stream and downstream sectors. According to the petroleum minister, the Bola Ahmed Tinubu-led government is willing to provide a safe environment for companies willing to invest in the country.
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