NUPRC @5: My friend got oil block without political connections – Shettima

Vice President Kashim Shettima announced that Nigeria's oil blocks are now being awarded through transparent, open and competitive processes, sharing that a friend of his received an upstream asset without political connections. Speaking at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, Shettima emphasized the reforms' impact on attracting long-term hydrocarbon investments to Nigeria.

He assured investors that terms are clear and the government will enforce compliance and accountability. The NUPRC, established under the Petroleum Industry Act of 2021, has been regulating the upstream petroleum sector and managing petroleum resources, including licensing and field development. Shettima highlighted that the reforms have brought stability to oil production, reducing losses due to theft and vandalism, and restored investor confidence.

He also mentioned that more than 170 host communities have benefited from projects in education, healthcare, and other sectors. The Vice President underlined the importance of the Petroleum Industry Bill, which ended decades of uncertainty and provided investors with a predictable framework. Shettima further indicated that Nigeria is open for long-term investment, with clear terms and incentives for upstream operators and deep offshore projects, including a $50bn tax incentive for the Bonga South-West project.

The Vice President urged the NUPRC to maintain transparency, ensure predictable timelines, and work collaboratively with government agencies to eliminate regulatory conflicts, while also prioritizing gas development to support economic growth and energy transition in Nigeria.