The Federal Government said it has concluded plans to conduct a fresh round of oil licensing in 2024 to attract new investors and increase investment, ultimately raising Nigeria’s oil reserves toward 40 billion barrels from the present 37 billion barrels.

The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, confirmed this in a policy statement on Saturday.

According to him, the planned licensing round aligns with Section 73 of the nation’s Petroleum Industry Act, PIA, a comprehensive legislation aimed at achieving increased investment, restructuring, transparency, and accountability.

He said the exercise will enable Nigeria to accomplish set objectives, including generating funds and attracting fresh investments in exploration and development.

“The Commission shall, beginning 2024, conduct all future licensing rounds based on a Licensing Round Plan and modern acreage licensing practices, to include the periodicity of licensing based on the predictability of timelines and long-term national economic and developmental agenda,” he stated.

FG announces plans to conduct fresh oil licensing in 2024