Nigeria, a major player in Africa's oil industry, is preparing for a new phase in petroleum license allocation. Launched by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the 2024 cycle aims to revitalize the sector by offering a total of 12 petroleum blocks. This initiative builds on last year's efforts, including five of the previously proposed blocks located in deep waters.

The ambitious program includes six blocks on the continental shelf, four in deep waters, and two onshore areas in the resource-rich Niger Delta. The selection of candidates will be based on rigorous criteria, including technical competence, financial strength, and operational viability. Gbenga Komolafe, Chief Executive of the NUPRC, emphasizes the agency's commitment to a transparent and fair process, aimed at ensuring data quality and stimulating competition.

This initiative is expected not only to boost Nigeria’s petroleum exploration capabilities but also to enhance investment in the sector. By promoting transparency and fairness in the licensing process, Nigeria is set to catalyze the growth of its oil industry and secure a more sustainable and prosperous energy future.