The oil sector in Nigeria granted investors 12 licenses within the framework of the exploration and development plan during the year 2024, and it also re-offered the remaining 5 licenses from 2023, bringing the total to 17 licenses distributed among several offshore fields.

The displayed areas cover a variety of different geographical locations. As 6 oil blocks are located on the continental shelf and 4 deep offshore, the licenses provide investors with a range of options that suit their strategic objectives in addition to their operational capabilities.

The Nigerian oil sector is considered a real wealth that has qualified the country to become the largest oil producer on the African continent and compete with European countries to import gas, which prompted both Algeria and Morocco to work on two projects to extend pipelines heading to Abuja and enable it to export its gas through its lands to the African continent.

However, the oil sector in Nigeria faces several challenges, most notably the theft of large quantities of oil, with difficulty in resolving this crisis, in addition to the obsolescence of many of the sector’s projects and the need to pump large investments.

The Nigerian Oil Regulatory Authority announced its desire to provide investments that are considered environmentally friendly in the Nigerian oil sector, through clarity of legislation and removal of obstacles, as the competitors will go through 3 stages, which are technical and financial offers and economic feasibility.

The CEO of the Authority, Abanga Komolafe, stressed the need to grant licenses to the Nigerian oil sector in a way that ensures its operation on a fair basis, which instills confidence among investors in addition to providing an opportunity to develop the oil sector in Nigeria.

During the OTC conference – held in America and continuing until Thursday, May 9 – the CEO explained the necessity of taking advantage of one of the largest oil and gas events in the world to showcase the huge hydrocarbon potential, in addition to mobilizing the financial and technical participation of upcoming players in the deep water activity from Abroad with the aim of participating in the 2024 licensing round in Nigeria.