The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed plans to initiate the auction of uncommitted gas fields in the country in the coming weeks. Engr. Gbenga Komolafe, the Chief Executive Officer (CEO) of NUPRC, shared this information during a courtesy visit by the Argentinian Ambassador to Nigeria, Alejandaro Herrero, in Abuja.
According to the NUPRC News posted on the commission’s official Twitter handle, Komolafe stated, “The commission will, in a matter of weeks, commence the auction of uncommitted gas fields in Nigeria.” He highlighted that the petroleum fiscal system is adopting production sharing contracts (PSC) as a new model of agreement for the exploration and production of oil and gas resources.
The commission sees this upcoming auction as a significant step toward attracting more investments into Nigeria’s Oil and Gas Sector. Komolafe emphasized the commission’s commitment to strengthening the oil and gas sector, citing the formulation of robust regulations and policies that facilitate ease of doing business in line with global best practices.
During the meeting, Ambassador Herrero expressed his country’s willingness to participate in the exploration and production of gas in Nigeria. This collaborative approach aligns with the efforts to enhance bilateral relations and foster international partnerships in the development of Nigeria’s energy resources.
The auction of uncommitted gas fields is expected to provide opportunities for both domestic and international investors to participate in the development of Nigeria’s natural gas resources, contributing to the country’s energy security and economic growth.
