The Business NG - May 17, 2024

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Nigeria Relaunches Oil Licensing Round to Revive Struggling Industry

Nigeria has relaunched its licensing round, offering 12 oil blocks to local and international investors, in a bid to revive its struggling oil industry. The country, which has fallen below its OPEC quota for over eight years, hopes to attract new investment to boost production, which has dropped to 1.4 million barrels per day.

The licensing round, open for bidding until January 2025, includes five blocks from last year's round and offers tax credits and commercial incentives for deepwater oil and gas projects. Leading operators like Shell, TotalEnergies, and Chevron have already pledged billions of dollars in investment, signaling a potential turnaround for the industry.

The Nigerian Upstream Petroleum Regulatory Commission has announced the commencement of the bidding process for the 12 oil blocks recently listed for sale. The move is expected to attract new players and increase competition in the industry, which has been plagued by declining production and investment in recent years.