Shettima Promotes Open Bidding for Nigeria's Oil Blocks

At the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, Vice President Kashim Shettima stated that Nigeria's oil blocks are now awarded through open and competitive bidding processes. He shared that a friend of his secured an upstream asset without political connections, showcasing the transparency of reforms in the oil sector.

Shettima assured investors of the government's commitment to making Nigeria a prime destination for long-term hydrocarbon investment, emphasizing clear terms and compliance. The NUPRC, established by the Petroleum Industry Act (PIA) in 2021, has conducted various licensing rounds, including the 2024/2025 oil licensing round.

Shettima credited the PIA for ending uncertainty in the industry and providing host communities with a stake in petroleum resources. He noted improvements in oil production stability and reduced theft and vandalism, attributing these advancements to collaborative efforts among security agencies, operations, and local communities.