Shettima Highlights Fair Oil Block Awards at NUPRC Event

At the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, Vice President Kashim Shettima stated that a friend of his, without political connections, won an oil block through a fair and competitive process. He asserted that oil block awards are now transparent and based on open bidding.

Shettima emphasized the federal government's determination to position Nigeria as a leading destination for long-term hydrocarbon investment, citing the clarity of terms and the enforcement of compliance and accountability. He noted that the NUPRC, established under the Petroleum Industry Act (PIA) of 2021, has conducted licensing rounds that attracted bids from various companies.

Shettima credited former Senate President Ahmad Lawan for facilitating the PIA, which has ended years of uncertainty for investors. He also mentioned improvements in production stability due to collaborative efforts with security agencies and host communities, and outlined incentives to attract investments, including the Deep Offshore Oil and Gas Project Incentive Tax Remission Order 2026.