The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that the 2024 oil licensing round could deliver up to 1.5 billion barrels of oil output for Nigeria over the next 10 years.
The Executive Commissioner, Exploration and Acreage Management (E&AM), Mr. Bashir Indabawa, disclosed this in a special edition of the NUPRC’s magazine released to commemorate the fourth anniversary of the commission’s establishment.
Indabawa highlighted the strides made by the E&AM department in enhancing Nigeria’s upstream exploration landscape, particularly through the assessment of hydrocarbon potential across the country’s sedimentary basins.
He noted that the commission had strengthened the regulatory framework for implementing the Petroleum Industry Act (PIA) 2021, which continues to shape the nation’s oil and gas reforms.
“The commission has expanded geoscience data coverage through the acquisition, processing, and reprocessing of extensive 2D and 3D seismic data across both onshore and offshore basins,” Indabawa stated.
According to him, these efforts were executed in collaboration with local and international geophysical firms, helping to de-risk exploration, improve geological understanding, and attract new investments into Nigeria’s oil and gas sector.
He added that the success of the 2024 licensing round will further consolidate Nigeria’s position as a leading African oil producer and open new frontiers for exploration.
