NUPRC Invites Foreign Investment in Fast-Growing Oil and Gas Industry

According to NUPRC, investors have a great chance to support and profit from the nation's long-term energy growth with the current licensing cycle.

SEATTLE (Oil Monster): The rapidly expanding oil and gas industry in Nigeria has received invitations for foreign investment from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). It exhorted investors to benefit from the current round of oil block licensing. The round of licensing includes more than 31 oil blocks.

The licensing cycle offers an advantageous environment for investors, according to Gbenga Komolafe, Chief Executive of NUPRC, who made this observation during the Africa Oil Week Conference in Cape Town, South Africa. The licensing cycle provides strategic incentives and is governed by a framework of competition. Komolafe continued, 'NUPRC is still dedicated to ensuring transparency.'

According to NUPRC, investors have a great chance to support and profit from the nation's long-term energy growth with the current licensing cycle. The nation possesses 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas in total reserves. It is projected that Nigeria has the capacity to produce 2.4 million barrels of oil per day.

The Commission pledged that stringent criteria will govern the licensing procedure, adhering to the Petroleum Industry Act (PIA) of 2021. It seeks to stimulate industry growth by luring in both domestic and foreign investment.

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