Nigeria is preparing to open bids for 31 onshore and offshore oil and gas blocks in a race to increase oil output and attract new investment, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“These 31 oil and gas blocks have been carefully selected for their potential to boost our reserves and stimulate economic activities,” Enorense Amadasu, executive commissioner of development and production at the Nigerian Upstream Regulatory Commission (NUPRC) said at an event in Nigeria’s commercial capital.
Amadasu noted that further details on the bidding timeline would be released soon
According to NUPRC, Nigeria’s current production rate, including crude oil and condensates, has reached 1.8 million barrels per day (bpd), up from 1.54 million bpd in September, with plans to push this figure to 2 million bpd by year-end.
Amadasu confirmed the anticipated growth, attributing it to enhanced security around oil infrastructure and new incentives designed to draw investors.
igeria’s increased production trajectory, however, could challenge its OPEC+ production cap of 1.5 million bpd of crude.
Source: leadership.ng