Oil blocks now openly awarded, Shettima tells investors

Nigeria's Vice President, Kashim Shettima, announced on Tuesday that the country's oil blocks are now awarded through open and competitive processes. He revealed this during a speech at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja. Shettima stated that a friend of his had secured an upstream asset without any political connections, demonstrating the transparency of the reforms introduced into the upstream oil sector.

He assured investors that the government remained committed to making Nigeria a preferred destination for long-term hydrocarbon investment, emphasizing the clarity of terms and the commitment to enforce compliance and accountability. The NUPRC, established in 2021 following the enactment of the Petroleum Industry Act, has conducted licensing and bidding processes, including the 2024/2025 oil licensing round.

Shettima highlighted reforms aimed at improving crude oil production and reducing barriers that have discouraged investors from developing Nigeria's petroleum resources. He praised the PIA for ending years of uncertainty and giving host communities a greater stake in petroleum-producing areas.